This paper contributes to the literature in two distinct ways. First, it empirically analyses the relationship between the prices of three major cryptocurrencies. The main finding can be summarised as follows: a strong relationship exists between prices of Bitcoin, Etherum, and Ripple. In addition, this relationship is found to vary over time. Finally, Bitcoin is the ”dominant” currency in 2016-2017. Second, it discusses the obtained empirical results in the context of competition in currency. In light of the fact that Bitcoin is characterised by a number of undesirable properties, it is a reason for concern that Bitcoin has considerable influence on prices of other cryptocurrencies. In other words, it seems as if Hayek has been too optimistic: the outcome of the currency competition is not exactly what he has hoped for.