Crypto enthusiasts and crypto opponents alike know that Bitcoin runs the show in the crypto space and all the other assets, commonly referred to as altcoins, obediently follow its lead. Or at least that’s what everyone seems to think. The current Bitcoin price shows that the coin has had a good run this year, climbing by more than 50% since January and having set a new record high of $73,750 back in March, a few weeks before the halving event.
After 15 years of being in the lead, Bitcoin has come to embody the very essence of the cryptocurrency industry and is still regarded by many as the peak of evolution and the highest level of excellence in crypto technology. But are these figures and beliefs reason enough to deem Bitcoin as the best crypto in existence?
It truly depends on what one understands by “the best.” Bitcoin has certainly had many achievements and established numerous records over the course of its brief but action-packed existence. It’s just as true that since its emergence, the market has expanded tremendously, and plenty of other digital currencies have entered the scene, many of them boasting their own strong suits and feats. Popularity, time in the market, and past performance are certainly not the only aspects that investors take into account when assessing their options, and some might prefer other coins instead of Bitcoin for various reasons.
Since evaluating Bitcoin’s worth can be a subjective process and there’s no measuring system or authority that can determine merit objectively – decentralization strikes again – we’re just going to look at some relevant data regarding Bitcoin’s present condition and let you decide if the coin is indeed worthy of the king of crypto title.
More Figures
Although one can’t gauge a project’s capabilities or authority simply by looking at some numbers, they do provide a clear picture of Bitcoin’s current status. At the time of writing, Bitcoin was trading at $91,613, with a market cap of $1,812.46B and a 24-hour trading volume of $48.24B. This means Bitcoin has seen a 145% increase in the course of one year.
To put things into perspective, Ethereum, the second runner-up in the crypto race, was priced at $3,137, having a market cap of $377.81B. Moreover, Bitcoin’s market cap has grown by 145% in one year, whereas the total altcoin market cap has only increased by 123%.
Bitcoin also makes up over 56% of the total value of the crypto market, showing it’s infinitely much stronger and influential than any other digital currency available. The gap between Bitcoin and altcoins continues to deepen, making it more difficult for new projects to catch up with the leading crypto.
Innovation
Although Bitcoin is based on advanced blockchain technology, it is regarded as a rather conservative asset by crypto standards. The project has been relatively static in terms of technological advancements, keeping true to its original vision and functioning solely as a store of value and a mechanism that facilitates peer-to-peer payments. On the other hand, altcoins have introduced various innovative features and functionalities, such as smart contracts or decentralized finance services, which allowed them to expand their use cases across many different industries.
At first glance, this apparent resistance to change and lack of innovation that characterizes Bitcoin seems detrimental to its success. However, one has to keep in mind that innovation is a double-edged sword that can bring both benefits and drawbacks. The stillness for which Bitcoin has often been criticized also translates into stability and reliability, which might be the reason why the trailblazing coin was able to retain and increase its value while other digital currencies flopped.
Bitcoin doesn’t roll out upgrades and updates on a regular basis like Ethereum does, so there are fewer variables that can influence or disrupt its trajectory. In a market that’s known for its volatility and unpredictability, remaining relatively stable and consistent is a huge advantage that not all cryptocurrencies boast.
Besides, Bitcoin has not stagnated, as some might think. The blockchain has undergone several upgrades over the years that helped address certain issue and brought considerable improvements in terms of scalability, security and functionality. Taproot, the most recent of these updates, paved the path for the development of new protocols such as Bitcoin Runes, BRC-20 and the Ordinals protocol, with the ladder leading to the creation of Bitcoin-based NFTs.
Acceptance
There are almost 420 crypto owners worldwide out of which an estimated 219 million are Bitcoin holders. At the same time, the majority of retailers that integrate crypto into their payment systems only accept Bitcoin, or have a very limited list of digital currencies they work with.
As for financial institutions, they also tend to favor Bitcoin, with numerous reputable fintech companies backing the asset and including it in their service range. The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission earlier this year demonstrates Bitcoin’s increasing acceptance within the financial sector, encouraging widespread adoption by organizations and average individuals.
What about other Cryptos?
Bitcoin may be the oldest crypto but there are plenty of other coins in the market that could one day take its place. Ethereum has been playing second fiddle to Bitcoin for most of its existence, and was viewed by many as the only crypto capable of posing a threat to Bitcoin’s supremacy.
However, Ethereum had plenty of time to surpass its master, and it’s still nowhere near Bitcoin. It’s hard to think of a scenario where Ethereum could grow fast enough to overtake the crypto leader and assume leadership of the market.
So, despite the numerous other coins that have emerged in the meantime, Bitcoin continues its stride unbothered, fueled by the first mover advantage, strong fundamentals, and a long track record in the market. For the time being and for the foreseeable future, Bitcoin has managed to secure a cozy and stable spot at the top of the crypto hierarchy.
