Bitcoin is the largest cryptocurrency in the world and also stands out as the most popular. So what is the underlying reason for this?
The more Bitcoins are in the market or the more valuable a Bitcoin is, the higher the market cap. This further solidifies Bitcoin’s position at the top.
Since the creation of cryptocurrencies, a number of cryptocurrencies have occupied the top 10 positions, and a number has gone into oblivion. Few of them managed to stay in the top 5, and the most notable of them is Bitcoin.
Will Bitcoin Stay # 1?
So far, many cryptocurrencies competing for the second place occupied by Ethereum have stood out. In the past, XRP, ETH, LTC etc. was occupied by.
So, will other coins be able to surpass Bitcoin? As an example, consider Yearn Finance’s YFI token. The token has grown exponentially from worthlessness to surpassing Bitcoin’s $ 20,000 ATH in just a few months. This increase was due to the yield farming hype, showing that it has tenfold growth potential in the future. However, despite YFI’s exponential growth, its fixed limit is only 30,000 YFI tokens. Therefore, there is still a big gap for YFI to consider dethroning Bitcoin.
Bitcoin has the first mover advantage and psychological support from the user base, so a new coin with better fundamentals is unlikely to dethrone Bitcoin.