Stop the average person on the street and ask them about cryptocurrency, and the first thing that will likely pop into their mind is Bitcoin — and for good reason. Bitcoin (BTC) is the first and the foremost cryptocurrency, spending its entire lifespan on the top of the charts and currently maintaining a total market dominance of 38 percent.
The total market capitalization of the daddy of all cryptocurrency is currently $157,278,660,984. Its two biggest competitors, Ethereum (ETH) and Ripple(XRP), hold market caps of $65,102,740,409 and $32,960,281,191, respectively. Thus, as it stands right now, neither cryptocurrency is even close to sniffing at Bitcoin’s heels — but will they ever?
In order for either Ethereum or Ripple to catch up and surpass BTC, it would take an extreme amount of price action over a lengthy period of time. Ben Way, CEO of Digits.io, told Forbes:
It would take a price surge that completely outpaces Bitcoin and for a sustained period of time. Markets are not always rational and currently Bitcoin is the gold standard in the market because it is the currency everybody knows about.
In other words, for the average person who doesn’t know any better, Bitcoin and cryptocurrency are synonymous. As such, BTC is the dominant brand — and it’s unlikely Ethereum or Ripple will boast that kind of brand power anytime soon…