Cryptocurrencies have evolved as a mainstream subject in the global market space, not only due to the store value of crypto but also due to the application of cryptocurrency in explicit industries. As a result, there are ample cryptocurrencies present in the global marketplace, and most of these currencies are subjected to similar technology as bitcoin expects few changes.
Bitcoin is underlined as the foremost cryptocurrency invented in 2008, and the Bitcoin network went live in 2009. Following bitcoin, there are more than 9000 digital coins in the crypto market, increasing the competition for bitcoin.
The prominent reason other cryptocurrencies are getting the limelight is blockchain technology rendered by these cryptographic cash models. There are websites like ethereum-code.me, which can help you in getting gigantic results in your bitcoin expedition. Blockchain or distributed ledger rendered by cryptocurrencies like ethereum and Cardano is much advanced as of bitcoin, all the more most of the decentralized finance are complexed on the blockchain technology of these cryptocurrencies.
The only question of cryptocurrency enthusiasts is whether bitcoin is the best cryptocurrency to exist. Below mentioned is an utter portion demonstrating the solution to your query whether bitcoin is best or not, so what are you waiting for? Let’s have a glance.
Altcoins and Bitcoin
Altcoin and bitcoin are two different aspects of the cryptocurrency market space. Bitcoin was the first-ever digitalized coinage that Satoshi Nakamoto invented. Altcoins are underlined as any other cryptocurrency that accepts bitcoin.
As established ahead, there are more than 9000 altcoins in the industry at the instance, and most of these altcoins are subjected to similar features as bitcoin. However, the fact that might amaze you is that the market capitalization of bitcoin single-handedly is equivalent to the entire altcoins market cap.
In 2020, the market capitalization of bitcoin was 70% of the entire cryptocurrency industry, undeniably the arrival of altcoins has utterly changed the market capitalization of bitcoin alongside its dominance, but still, the market capitalization of bitcoin is 48% of the entire cryptocurrency market.
All the more, bitcoin is the leading cryptocurrency in terms of trading volume, market value, market capitalization. Undoubtedly the technical aspects of altcoins are much more advanced in contrast to bitcoin, but these cryptocurrencies are a bit hard to operate. To sum up, bitcoin is the best cryptocurrency existing at the moment in terms of market value and dominance.
Why Is Bitcoin The Best Cryptocurrency?
Beyond the shadow of a doubt, there is enormous competition in the cryptocurrency marketplace than how bitcoin has managed to survive at the top of the cryptocurrency industry. Nevertheless, here are some of the potential reasons why bitcoin is still considered the best cryptocurrency at the moment; let’s have a look.
Bitcoin arrived first in the game.
You might be familiar with the fact that bitcoin was the first-ever implementation and application of the cryptocurrency concept introduced in the year 2002. Thus, Bitcoin arrived in the cryptocurrency industry in the first place and dominated the entire crypto market space in a nominal time as there was no bitcoin competition at that instance.
Despite the cryptocurrency market crash, almost every crypto investor has still invested in bitcoin as the currency is still profitable to these long-term investors.
Altcoins are derived from Bitcoin.
Altcoins are underlined as the advanced adaptation of bitcoin, and almost every cryptocurrency is subjected to the basic concept of bitcoin. Conferring a similar core notion as bitcoin, these currencies’ price is correspondingly derived by bitcoin. Suppose the value of bitcoin incline, the value of these altcoins correspondingly incline, and if the value of bitcoin declines, the value of these altcoins declines to an exceeding extent.
Return of investment
Bitcoin is merely popular for two reasons, the foremost is the return of investment rendered by bitcoin, and the second one is the fascinating set of features. Undeniably the rate of return rendered by bitcoin is unproven but is gigantic. The price of bitcoin at the very first instance of foremost purchase was nominal, and recently bitcoin halted a value of $65000. In terms of market value and market cap, there is no cryptocurrency nearby bitcoin.
This is why bitcoin is underlined as the best cryptocurrency.