Bitcoin Kills its Competitors Easily! Can Remain at Top Forever?

Bitcoin has acquired enormous market dominance which has enabled it to remain the best

When Bitcoin was introduced to the world, the creators were focused on making it a revolution in the global financial system. But the revolution has now become quite a system as governments and institutions are contemplating Bitcoin adoption on a large scale. Even though BTC's initial beginning was marked by scandals, missteps, and wild price swings, the crypto has managed to remain the most trusted and the largest cryptocurrency based on its market capitalization. After achieving a record high price of more than US$65,000 in 2021, Bitcoin fell over 24% to nearly US$38,000 in 2022. But slowly, and steadily, Bitcoin is slowly gaining its original market stature back. Investors and crypto fanatics have doubled their optimism regarding the future of the crypto, as even analysts predict that BTC is about to be pivotal to cryptocurrency adoption on a large scale, and the use of digital currencies as legal tender. But the question is, why Bitcoin? How has it managed to remain at the top of all other cryptocurrencies, despite market volatility and its ginormous price swings? How the emergence of thousands of altcoins, has not yet stirred Bitcoin from its original position? Well, it might be hard to interpret such questions since the crypto market is literally based on investor sentiments, but will it be possible for BTC to remain at the top forever? Maybe or maybe not?

Well, it is true that it has been a rocky start to the year for Bitcoin, but experts still believe the crypto has the potential to reach US$100,000, and it is only a matter of time it reaches that value. For several weeks, the crypto was stuck around US$40,000. But finally, BTC has crossed the US$45,000 market and is gradually making its way back to US$50,000. To note, the current surge in the Bitcoin price is followed after the Ukraine-Russia war started, and Russian oligarchs were accused of using major cryptocurrencies like Bitcoin, and others to help the Government escape sanctions. And after that, also came Biden's executive order on cryptocurrency. The order directs US government agencies to strategize and regulate cryptocurrency, and experts have predicted that this initiative could bring more stability to the crypto market in the long term. But Russia's war with Ukraine did bring with it some amount of volatility to the market, which is supposed to prevail until the war ends. 

Bitcoin in 2022

Among all the cryptocurrencies, Bitcoin is the most popular and also one of the most volatile ones. Experts predict that BTC's significance as a store of value and reserve asset will definitely increase. Also, its price will be highly affected by the upcoming upgrade in the Bitcoin Lightning Network that aims to enhance the network's ability to be scaled and utilized for retail and institutional purposes. And also, how can we forget the emerging ETH 2.0 upgrade that might adversely affect Bitcoin's market dominance? 

But despite the wide predictions, there are swings regarding the Bitcoin price and its future utilities. In a nutshell, most crypto analysts are quite sure about BTC's capability to reach US$100,000. Crypto regulation and India's crypto taxation might become a hindrance for Bitcoin at some point, but BTC is quite proficient to overcome all those obstacles, just the way it has managed to suppress all its competitors for all these years.

Bitcoin's Future for the Next Decade

The next decade could prove to be one of the most significant for Bitcoin's evolution into becoming the most-used cryptocurrency for centralization purposes. Revolutions within the financial ecosystem, concerning areas where BTC's ecosystem is involved, should be closely monitored by crypto investors. 

Currently, BTC is poised to reign as the store of value, medium for daily transactions, and frequently used fiat currency. Even after its existing problems with scaling and security, Bitcoin, for now, will continue to dominate the crypto market as one of the most significant cryptocurrencies, and remain the 'King' of the market.