Summary and Thesis
Bitcoin (COIN, GBTC) gains its value from being synonymous with cryptocurrency for many traders and speculators. This brand advantage is based on Bitcoin being the first entrant into the market and based on Bitcoin's historic market cap advantage over its peers. But Bitcoin is losing its market cap advantages over competing coins. This is concerning since Bitcoin's only advantage over peers is its larger size and its brand.
Bitcoin offers few, if any, advantages over other cryptocurrencies. For nearly any task there is a cryptocurrency