How Long Can Bitcoin Remain the Number One Cryptocurrency?
Over 10 years ago when Bitcoin first appeared, no one believed it would make any kind of impact. People spent thousands of Bitcoins on pizza and similar stuff, but in 2021, it became one of the world’s top royalties. After a few tumultuous years, Bitcoin proved that it’s not a bubble in 2021. As a matter of fact, it has raced to $50,000, a price projected by many experts in the past few years.
More importantly, Bitcoin has created a whole new investor’s market, with dozens of altcoins beside it. That might end up being its doom since many of these are set to solve Bitcoin’s mistakes and dethrone the king.
Who Are the Challengers?
There are plenty of crypto tokens that aim for Bitcoin’s crown. One of them is definitely Ethereum, a smart contract blockchain platform that promises better speeds and more transactions per second. Accepted at the best Bitcoin casinos and many online stores, Ethereum grew into one of the most successful cryptos on the market in 2021. Just like Bitcoin, it hit a price height in 2021, and is projected for even bigger growth beyond it.
Ethereum’s catch is that it’s based on security, stability, and lower energy consumption. Bitcoin has been bashed for the high energy consumption of mining farms, so the market is looking for the next great green energy project. While there are much ‘greener’ crypto projects than Ethereum, it’s still a significantly different coin than Bitcoin.
Litecoin is another Bitcoin challenger that’s still a far cry from it in terms of price. However, it’s still a popular option for investors thanks to the fast processing times. At the same time, it’s worth noting that LTC will be in existence far longer than BTC, as Bitcoin is nearing the exhaustion of its coin supply. While it’s still years off, it’s worth knowing that the supply of BTC is finite, and it’ll surely change the market in one way or another.
In total, there are 21 million Bitcoins on the market, while Litecoin’s supply is 4 times larger at 84 million. With Litecoin mining picking up, it can become a serious contender to Bitcoin’s throne.
How Long Before a New King Takes the Crown?
First and foremost, let’s talk facts. There’s no signal that Bitcoin will ever be taken down from the throne. It’s still the most valuable cryptocurrency with the largest market cap and the one with the biggest impact on the crypto market. Of course, others may get close to its price, and if you ask us, out money would be on Ethereum.
So far, ETH has made a huge jump in price, and its technical stats give it a much greater advantage over others. It’s still priced much lower than Bitcoin, but with Bitcoin’s volatility, that can change soon. Of course, even if such a thing happens, we may still be years off. In the meantime, Bitcoin will remain king of the crypto market for the foreseeable future.
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