Can any cryptocurrency reach Bitcoin price level

source

I have often wondered as am sure many must have too if other cryptocurrency could ever catch up to Bitcoin or reach the insane levels it has reached, I mean could we ever reach a time where we could be talking about seeing double figures for cryptocurrencies like ethereum, solana, cardano and other good project.

Can any cryptocurrency asset reach the insane price levels where Bitcoin has reached or even dare to catch up to Bitcoin in terms for market value or market capitalization, presently Bitcoin has almost halve of the total cryptocurrency market capitalization this makes it increasingly difficult for any cryptocurrency asset to even dream of reaching Bitcoin price level.

Also I will be highlighting some points below why I believe it would be increasingly difficult for any cryptocurrency asset to reach Bitcoin price.

Factors that will make it hard for any cryptocurrency asset to match Bitcoin price

The very nature of Bitcoin makes it a very cumbersome task for any cryptocurrency to eclipse it in price, I mean what drives the price of any commodity is the demand and supply, let's say a biscuit company is producing a unique type of biscuit one that hasn't been seen in the market before and for this reason people are buying it in high demand due to its unique taste and not just that, for some reason that special biscuit could only be produced a million times which means it's rare with limited supply and yet the demand is high what do we think we happen to the price of that biscuit, it will rise much more than it's original starting price infact the higher the demand and the scarcity will no doubt drive it's price much higher.

Now the example of biscuit here explains the unique nature of Bitcoin, is a scarce asset class as there could only be 21million coins produced which means limited supply and with that still the continued demand of Bitcoin does not depreciate but instead we continue to witness increase demand for this scarce and prized asset class which will continue to make the value to rise making it much harder for any cryptocurrency to reach its unprecedented price level.

Also another reason why no cryptocurrency could possibly reach the price level of Bitcoin is considering the number of Bitcoin users, I mean in comparison with any other crypto network there isn't any with as much users as the Bitcoin network, Bitcoin is world apart from other cryptocurrencies in that it boost quite a significant amount of network users infact it's the largest in this space, ofcourse when a cryptocurrency has that kind of large network users it makes sense that among others it is more likey to be accepted where others fail making it more unique and best suited for adoption and it's also a network that has integrity more than others that's why it is trusted.

Another thing that would negatively impact any coin or makes it hard to reach Bitcoin's price level is due to the fact that they all come after Bitcoin, infact most were created only after Bitcoin had set the model and Bitcoin is the very first cryptocurrency, I mean Bitcoin sets the stage of the creation of other asset, it is the first and original cryptocurrency ever made, every other was seen as a mimic that's why whenever cryptocurrency comes to mind the first thing we recall almost immediately is Bitcoin and for this reason when most comes into this space the first thing they would want to invest money in is on Bitcoin, that fact it's created first gives it that advantage above all else as it draws significant amount of attention to itself.

Also just as I was saying, when people hear cryptocurrency the first thing that comes to their mind is Bitcoin, it's a household name almost like another name for cryptocurrency, so due to this reason it has given Bitcoin kind of an edge over other cryptocurrency asset, placing it at a position where it can't be rivaled by any other cryptocurrency asset in the market, none could possibly reach Bitcoin price level, the very thought of that would be insane.

It's almost as if the cryptocurrency brand is represented by Bitcoin, you can't mention cryptocurrency without mentioning Bitcoin.

Conclusion

Ofcourse no doubt there are other good project in the market like solana, cardano, ethereum, polkadot, tron and even our very own steem but truth be told none could rival Bitcoin in terms of price, just like I have rightly explained all the reasons above show ckearly while none could at all, after Bitcoin though I believe ethereum would be the next major mover infact it already and there is no surprise there.