The price is now hovering around the $22K area.
Supporters of bitcoin have attributed this decline to a confluence of macroeconomic circumstances and a crypto liquidity crisis. Worrisome is the decline of Bitcoin's supremacy over other cryptocurrencies, though.
The rivalry for Bitcoin rises as the number of cryptocurrencies does. Due to its energy-intensive Proof-of-Work consensus method, Bitcoin faces a lot of criticism. The Ethereum Merge is changing Ethereum, which was utilising the same technique, to Proof-of-Stake.
Supporters of Bitcoin contend that the proof of work is the sole mechanism that guarantees a blockchain's decentralisation. Since the merge, Ethereum has come under a lot of fire for potential centralization and censorship problems.
Cyber Capital's founder, Justin Bons, thinks that BTC is worthless in comparison to its rivals. He thinks that Bitcoin's rivals place a higher value on the concepts of censorship resistance and decentralisation. Additionally, he bemoans the BTC's lack of programmability and composability in comparison to other cryptocurrencies. Additionally, according to Bons, Bitcoin's long-term security architecture is flawed.
According to Bons, a string of bad governance decisions caused BTC to begin failing in 2017.
In terms of market dominance, Ethereum is BTC's main rival. However, there is a strong correlation between Ethereum's and Bitcoin's dominance. Ethereum's dominance has decreased along with Bitcoin's collapse.
Data demonstrates that during that time, other cryptocurrencies became more dominant.