Over the 9 years of its existence, Bitcoin has experienced ups and downs, mistrust and recognition, silence and loud advertising. Today this is the most popular brand among cryptocurrency and it is not yet known whether any of the coins will be able to compete with it.
What is the strength of a brand? Walk up to a random passerby and ask him about cryptocurrencies. Most likely, the first thing that comes to their mind is Bitcoin. And for good reason. Bitcoin (BTC) is the first and main digital currency, currently accounting for 38% of the total cryptocurrency market.
Currently, Bitcoin's market capitalization is higher than all other cryptocurrencies - $157,278,660,984. Its two closest competitors, Ethereum (ETH) and Ripple (XRP), have market capitalizations of $65,102,740,409 and $32,960,281,191, respectively. Thus, so far, no digital currency has even come close to matching the success of Bitcoin, but will that ever happen?
For Ethereum or Ripple to “catch up” with Bitcoin or even surpass it, extremely extreme price action over a long period of time is required. Ben Way, CEO of Digits.io shared his opinion with Forbes:
"It will take a price surge that will far exceed the rise of Bitcoin, and that will last for a long period. At the moment, Bitcoin is the gold standard of the cryptocurrency market because it is the digital currency that everyone knows about."
In other words, for the average person who does not know much about the issue, Bitcoin and cryptocurrency are synonymous. Therefore, BTC is a dominant brand, and it is unlikely that Ethereum or Ripple will boast the same brand strength any time soon.
According to http://bitcoinist.com
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