Why is the exchange rate of Bitcoin higher than other cryptocurrencies?

1 answers

• May 10, 2022 · 3 years ago
  At BYDFi, we believe that the exchange rate of Bitcoin is higher than other cryptocurrencies due to its strong network effect. Bitcoin has the largest and most active community of users, developers, and miners. This network effect creates a positive feedback loop, where more users and developers attract more participants, leading to increased adoption and value. Additionally, Bitcoin's first-mover advantage and brand recognition have solidified its position as the leading cryptocurrency, further contributing to its higher exchange rate.
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