ETH now has another competitor due to insane gas price which becoming really hard for everyone. People are moving towards alternative but demand for big players growing very fast and this is pushing towards the new level. I think other blockchains will give though time in coming days.
What kind of competitor are you talking about? Binance Smart Chain or Huobi Eco Chain?
The main problem with these competitors is that they offer to use their ecosystems, which are a fork of Ethereum. We are told that this is DeFi, but there is no decentralization in these projects, because these are centralized blockchains.