Better than Bitcoin? The coins that tried to dethrone the king

​Over the years, multiple cryptocurrencies have promised to improve on Bitcoin, offering faster transactions, lower fees or more advanced technology. Some were even hailed as potential successors to the world's largest cryptocurrency. Nearly a decade later, however, the numbers tell a very different story.

A decade of competition leaves most altcoins far behind

A new chart published by Bitcoin financial services company River offers a striking look at the cryptocurrency market's former favorites. Of the 100 largest cryptocurrencies by market capitalization on June 18, 2017, nearly all have lost substantial value against Bitcoin over the following nine years. Many projects that once attracted enormous investor enthusiasm have since faded into obscurity.

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Even some of the industry's biggest names have struggled to keep pace. Ethereum has lost approximately 80% against Bitcoin, XRP 85% and Litecoin 96%. Dash has declined 99.1%, while numerous smaller cryptocurrencies have lost more than 99.9%. Surprisingly, Dogecoin, originally created as a joke, is among the strongest performers in the group, trailing Bitcoin by just 23%.

These losses are measured against Bitcoin, not the U.S. dollar. An altcoin can appreciate considerably in dollar terms while losing value relative to BTC. The comparison also captures a particular generation of cryptocurrencies, rather than every project launched since 2017.

Bitcoin's market dominance provides another perspective. Its share of the total cryptocurrency market briefly fell below 35% during the 2018 altcoin boom, but Bitcoin subsequently recovered its position. Despite periods of weaker dominance, it has generally maintained a share above 50%, even as thousands of new cryptocurrencies have entered the market.

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The cryptocurrencies once touted as Bitcoin killers

The idea that Bitcoin could be replaced is almost as old as the cryptocurrency industry itself. Early challengers generally focused on what they considered its weaknesses, particularly transaction speed, fees and scalability.

Litecoin was among the first to offer an alternative. Launched in 2011, it promised faster transaction confirmations and positioned itself as a more practical option for everyday payments. The project became known as the silver to Bitcoin's gold, but its technical advantages were not enough to attract comparable long-term demand.

The debate became more confrontational in 2017, when disagreements over Bitcoin's scalability led to the creation of Bitcoin Cash. Its supporters argued that larger blocks and cheaper transactions would make cryptocurrency more useful as electronic cash. Some expected the new network to eventually surpass Bitcoin, but the original blockchain retained the stronger market position.

Ethereum challenged Bitcoin from an entirely different direction. Its smart contracts enabled applications that Bitcoin was never designed to support, attracting developers and investors interested in possibilities beyond digital money. In June 2017, Ethereum's market capitalization reached approximately 83% of Bitcoin's, sparking speculation about the flippening, a potential reversal of their rankings.

The flippening never happened, although Ethereum went on to become a major blockchain ecosystem. Meanwhile, projects such as XRP, Stellar and Dash pursued faster payments or alternative financial infrastructure. Not all explicitly sought to replace Bitcoin, but during successive crypto booms, their technological ambitions frequently fueled comparisons with the market leader.

Why the original cryptocurrency has kept its lead

What makes Bitcoin's resilience particularly interesting is that many competitors genuinely offer features it lacks. Some process transactions faster, others support complex applications, and several have significantly lower fees. Yet technological improvements have rarely translated into lasting market leadership.

Bitcoin benefits from a network effect built over more than 15 years. Its recognizable brand, extensive trading infrastructure, established community and deep liquidity make it difficult for newer cryptocurrencies to compete for the same investors. As more institutions and individuals adopt Bitcoin, those advantages can reinforce one another.

Its monetary design also plays an important role. Bitcoin has a fixed maximum supply of 21 million coins and operates without a central issuer. For investors who view it primarily as a scarce digital asset, these characteristics may carry greater weight than faster transactions or additional functionality.

Institutional adoption has further strengthened its position. Spot Bitcoin ETFs have opened the market to investors using conventional brokerage accounts, while companies and asset managers increasingly recognize Bitcoin as a distinct investment category. Although other cryptocurrencies have attracted institutional interest, few have achieved comparable market recognition.

Can another cryptocurrency ever dethrone Bitcoin?

The cryptocurrency industry has changed considerably since 2017. Ethereum remains central to decentralized finance and smart contracts, while Solana and other newer networks compete for developers, applications and transaction activity. Their success increasingly depends on attracting users to their ecosystems rather than simply promising to replace Bitcoin.

However, the experience of earlier challengers illustrates how difficult it is to maintain momentum across market cycles. Technological advantages can attract initial interest, but sustained demand requires liquidity, reliable infrastructure, investor confidence and practical use cases. Many once-prominent projects struggled when speculative enthusiasm faded.

River's chart also has an important limitation. It excludes later arrivals such as Solana, meaning its results reflect an earlier generation of cryptocurrencies rather than every project that has competed with Bitcoin. Some newer assets have delivered substantial gains over shorter periods.

The more interesting question may no longer be whether another cryptocurrency can simply become a better Bitcoin. Different blockchain networks increasingly serve different purposes, from decentralized applications to payments and tokenized assets. Bitcoin's competitors may find lasting success in those markets without ever taking its place as the largest cryptocurrency.