I can't agree on Bitcoin being overhyped. "First mover advantage" does have its benefits. Bitcoin is well known, and for most people cryptocurrency = bitcoin, bitcoin can be traded for every other coin. That alone is a big reason for huge market cap. It has issues but it also has strong core development teem who actively working on fixing its issues (e.g. SegWit). So it does have potential to suddenly grow in value once some of it's issues are resolved.
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Yes, you have a point there. I am just saying, it has a first mover advantage but if you just track and see the innovation or positive changes bitcoin had in the last two years as compare to other new coins who learnt from bitcoin and implemented it beautifully are not much.
Bitcoin the name itself attracts people because it’s well known. Bitcoin is what people think of when someone says crypto currency no one outside the crypto world knows about the other coins. Until some other coin gets to be as well known as bitcoin, well it will just be on top.