Bitcoin in the cryptospace is just like the big corporations in the real world in that it is so prominent mainly just because that is where all the powerful people have their money in it. There are many more coins out there now that make so much more sense to use as a currency when looking at the energy requirements to keep the network going.

Bitcoin is old tech and is only maintaining its position because it is traded as a pair with almost every other crypto out there. If we have different currencies like Ether pairing on more exchanges bitcoin will just keep going down in the long run. Unless the lightning network is able to rescue it.