For small traders the transaction fees for Ethereum are insane, so they avoid making transactions as much as possible, but for those who make large transactions, the fees are not a problem, so Ethereum is still very stable in the market.
Even as you said, many other networks tried to replace Ethereum but none of them worked, it needs a special study as to why Ethereum is so strong until now
Are Ethereum fees really that high? I remember seeing 200-300 gwei transaction prices, everytime market makes huge changes. We see market price changed for 5 to 10% during last 24h and Ethereum fees are as low as they were two days ago. Most of crypto gained 15-25% during last 7 days, Ethereum fees are still 10-20 gwei. People say that paying for $2-15 is expensive for a transaction, that they are used to pay <$1 for a transaction. But Ethereum does not cost $200-400 anymore. The product itself became expensive, transaction can not cost same as they were years ago. So does Ethereum fee really high ?