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I think Ethereum was one of the first chains to have a lot of functionality outside of being "just money." That's not to say there aren't others now, but the concept of Smart Contracts and building dapps was very exciting when Ethereum first launched. Now the project just has a lot more traction than any of its "competitors.
Because many investors are eyeing and investing in ETH.other than that the price is quite stable compared to other coins.Can be said ETH is an alternative as long as bitcoin the price is not yet stable