The performance of Ethereum this days is very slow and not encouraging people to invest. And yes Ethereum is the king for all the altcoins both old and new. But if it is still like this, there are other altcoins that doing well and they will come and take over the kingship form it. If altcoins were doing well I'm the ecosystem then it would have been better for someone to diversify investment but base on the what is happening people are even afraid to invest in them.
Solana.and Dogecoin are also in the near lane with Ethereum.
I agree that ETH is not the crypto King, but only the ALTS King!
Ethereum introduced the concept of smart contracts, which has made blockchain more efficient to use. It can be said that Ethereum has opened up the era of blockchain 2.0 and we still do not have a more valuable initiative than smart contracts to enter the era of blockchain 3.0.
ETH's price performance is also very good, for example in the 2021 bullrun, the ETH price increased by 70 times. I think that is a really attractive return while still being extremely safe. BTC is the safest asset in the crypto market, but its price performance may not be really impressive, while ETH balances safety and profitability for investors.
In the short term, I don't think any other project can replace Ethereum's top 2 position, whether it's BNB chain, Solana or Ripple. Some projects that were once considered Ethereum Killers such as Cardano, Eos, Neo, Tezos, Near... also dont have any chance!