While bitcoin's price has stagnated in the last two weeks, smaller digital currencies such as ripple, stellar and tron have surged into the ranks of the largest cryptocurrencies by market capitalization.
Erik Voorhees, CEO of digital asset exchange ShapeShift, said that in contrast to bitcoin's dominance on the platform a year ago, about half of transactions on the platform now don't involve the popular digital currency at all.
However, bitcoin should still benefit from the increased interest in the "alt-coins." Analysts also point out that since bitcoin is the most established digital currency, it is often the way new investors access the cryptocurrency space.
"Bitcoin has such magnificent network effects that I don't see another alt-coin that's a little better at payments" or some other function right now, Autonomous' Sokolin said. "One of the top 10 will collapse."
Of course, it is. Being the founding cryptocurrency, it will sutely prevail in the market. It first built its reputation and been known worldwide. It serves as a benchmark for other uprising cryptocurrency. People probably will go to those who has the most experience in the market. Also, having said that there are new cryptocurrencies circulating, bitcoin will surely find ways to improve its system and coexist with new entrants. It will always be a first come first use basis.
