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From its all-time high of $68.8K, Bitcoin has fallen significantly. 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.Why Bitcoin Is Becoming Less PopularThe rivalry for<a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow"> Bitcoin rises</a> as the number of cryptocurrencies does. Due to its energy-intensive Proof-of-Work consensus method, Bitcoin faces a lot of criticism.<a href="https://www.coingabbar.com/en/crypto-news-english?coin&#61;&amp;category&#61;&amp;tag&#61;&amp;search_date&#61;&amp;search_text&#61;ETHEREUM&#43;MERGER&amp;submit&#61;Search" rel="noopener noreferrer nofollow"> The Ethereum Merge</a> 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,<a href="https://www.coingabbar.com/en/crypto-research-papers/bitcoin" rel="noopener noreferrer nofollow"> Bitcoin’s long-term security</a> architecture is flawed.According to Bons, a string of bad governance decisions caused BTC to begin failing in 2017.Can Ethereum unseat Bitcoin?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<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrencies</a> became more dominant.

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