Thank you but you still got me more confused. Can you break it down in simple English? I am not a tech guy.
And then, there's another stunner in Bytebal as it hovers above $800. So, why do people so much hammer on Bitcoin most times as if other coins aren't worth a dime.
You don't get it. In simple terms: Bitcoin is the cryptocurrency leader because of the largest market cap, not price of a single coin.
Market cap is calculated by multiplying number of coins by the price. Example:
Altcoin 1: available supply 5,000 price per coin: $200. Market cap (5,000 x $200)= $1,000,000
Altcoin 2: available supply 10,000,000 price per coin: $150. Market cap (10m x $150)= $1,500,000,000
So Altcoin 2 is way more valuable as a currency despite having lower price per single coin.
Also trade volume matters. Anyone can create a shitcoin, get it listed on some obscure exchange and sell it to himself at super high price, making the price/marketcap look big.