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Bitcoin's biggest long-term threat isn't big governments and central banks. It's the very technology behind Bitcoin that can be used to create other cryptocurrencies.
This is evidenced by the rapid growth in supply of other cryptocurrencies that are competing with Bitcoin. A larger supply of cryptocurrencies has the potential of eventually crushing Bitcoin prices, as a larger supply of tulips did to tulip prices back in the 19th century.
But judging from the performance of the cryptocurrency markets recently, Bitcoin is crushing other cryptocurrencies -- before they can crush it.
Last week, Bitcoin gained 8.48%, while Etherium lost close to 10%, Ripple close to 22%, Litecoin 10.37%, and Dash 8.23—see table.

Name%7d
Bitcoin8.48
Etherium-9.98
Ripple-21.98
Litecoin-10.37
Dash-8.23
Monero-6.91
IOTA-7.26
As of Sunday October 22, 2017, at 11.30 am
Source: Coinranking.com
To be fair, there is a small number of other cryptocurrencies that rallied last week, like Stratis, Walton, and GameCredits. And besides, one week’s data isn’t sufficient to confirm a trend. Still, there are good reasons to believe that other cryptocurrencies are no match for Bitcoin.
One reason is the trust Bitcoin has gained among its users as an alternative to national currencies. Another reason is the broad adoption that other cryptocurrencies are lacking. Then there are concerns about fraud in other cryptocurrencies, as Initial Coin Offerings (ICOs) and cryptocurrency exchanges are still unregulated; and individual investors are bombarded with pitches of new cryptocurrencies.