Competition

Countless other cryptocurrencies have entered the market. While it remains the dominant coin, Bitcoin's market share has fallen from 94 percent in 2013 to 64 percent in March 2020. Other major cryptocurrencies have different uses, but they often do overlap with the possible uses of Bitcoin.

Overall, Bitcoin benefits from network effects: it becomes more valuable as more people use it. Bitcoin still remains the foundation of much of the crypto market, which moves in tandem with it.