Could Bitcoin lose its position as the most valuable cryptocurrency?
Could Bitcoin lose its position as the most valuable cryptocurrency?
Oksana Belyanskaya, a trader and CEO of the crypto project promotion company Rocket PR for BeINCrypto:
Bitcoin has lost its status as the most expensive cryptocurrency more than once. The price of YFI (Yearn Finance) first exceeded the price of Bitcoin on August 19, 2020, when it rose to a new record high of $11,275, approaching the value of Bitcoin. Subsequently, YFI continued to experience significant price fluctuations, reaching a record high of $93,435.53 on May 12, 2021. As of June 26, 2023, the price of YFI was trading at $68,454, surpassing the price of Bitcoin at that time. This is not the only cryptocurrency that was more expensive than bitcoin at the moment. The cryptocurrency Hemelios was worth about $14,600 in 2020, more expensive than bitcoin at that time. 42-coin, with an issuance of 42 coins, each was worth $39,700 in 2020. All tokens were mined and in circulation. There were several other very dubious projects that nobody remembers now. The price of the RWS coin exceeded $113,000 in April 2021 - there were only 100 coins. Now their value is $0, which is a classic rug pull in my opinion. The leader of this chart is the Travel1Click coin. Its issuance was 1 coin, the price of which exceeded $14 million in 2020. The token operated on the Ethereum blockchain and was listed on a small exchange IndoEx in a pair with ETH. The question is not whether a coin can momentarily exceed the price of bitcoin, it can. The question is in long-term market leadership, liquidity, trading volume, and the number of holders. If a coin has 100 holders, a small market share, and low trading volumes, it could be worth a million dollars, but it will have huge liquidity problems.
Bitcoin has lost its status as the most expensive cryptocurrency more than once. The price of YFI (Yearn Finance) first exceeded the price of Bitcoin on August 19, 2020, when it rose to a new record high of $11,275, approaching the value of Bitcoin. Subsequently, YFI continued to experience significant price fluctuations, reaching a record high of $93,435.53 on May 12, 2021. As of June 26, 2023, the price of YFI was trading at $68,454, surpassing the price of Bitcoin at that time. This is not the only cryptocurrency that was more expensive than bitcoin at the moment. The cryptocurrency Hemelios was worth about $14,600 in 2020, more expensive than bitcoin at that time. 42-coin, with an issuance of 42 coins, each was worth $39,700 in 2020. All tokens were mined and in circulation. There were several other very dubious projects that nobody remembers now. The price of the RWS coin exceeded $113,000 in April 2021 - there were only 100 coins. Now their value is $0, which is a classic rug pull in my opinion. The leader of this chart is the Travel1Click coin. Its issuance was 1 coin, the price of which exceeded $14 million in 2020. The token operated on the Ethereum blockchain and was listed on a small exchange IndoEx in a pair with ETH. The question is not whether a coin can momentarily exceed the price of bitcoin, it can. The question is in long-term market leadership, liquidity, trading volume, and the number of holders. If a coin has 100 holders, a small market share, and low trading volumes, it could be worth a million dollars, but it will have huge liquidity problems.