Deciphering the patterns behind the movement of cryptocurrency can be as brain-raking as advanced calculus for both new and existing cryptocurrency investors. Demand and supply may be seen as the major factor that generally controls the world of economics and finance, but the fact that cryptocurrency is still in its early stage of development, despite its swift adaptation makes it a hard nut to crack.
A lot of questions on the rise and fall of cryptocurrency lingers in the mind of every investor, however, one frequently asked question revolves around the possibility of other altcoins, mostly the Ethereum, surpassing Bitcoin.
Whether this question is birthed from the fact that both coins are one spot away from each other or that Ethereum users are hoping to hit the top spot sooner than later, a few significant factors possessed by Bitcoin hinders the possibility of the Ethereum overthrowing the big bull.
A general economist belief in the context of the first arrival is that time and service uniqueness are the top tools required to beat any existing business. In the world of cryptocurrency, this is largely not the case.
Considering that digital currencies are still in their infancy, most crypto users prefer to stick with the top dogs that have had the longest run dominating the scene. The sole reason that Bitcoin was the first token to be incepted and to have paved the way for many other altcoins greatly contributes to its massive adaptation worldwide.
This factor has also placed a huge price gap between both tokens. At the time of writing, 1 Bitcoin equals $6,424, while 1 Ethereum equals $200 ; a huge $6,224 difference.
Due to the constant increase in scammers and fake ICOs, Bitcoin has also been termed by cryptocurrency analysts and developers as the safest and most stable token. Even Litecoin’s founder Charlie Lee has urged cryptocurrency users to first own at least 1 BTC, before “speculating” on other altcoins, noting that it is the most solid cryptocurrency at the moment.
In his words :
“There will be at most 21 million bitcoins in existence. There isn’t even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first. Once you have 1 BTC, buy all the shitcoins you want!”
While Ethereum may have a couple of significant factors that hinders it’s possibility of climbing up as far as Bitcoin or even higher, it is an indisputable fact that the altcoin has had a great run since its creation, the token has managed to grab and retain the second spot from Ripple a few times.
Given that the token is shares a handful of similarities between Bitcoin, the Ethereum is certain to record more significant success overtime and may possibly overthrow Bitcoin if and when the opportunity presents itself.