The ETH value proposition
We understand that BTC's value derives from Fiat on-ramps and trading pairs that BTC has on centralised exchanges, which is currently the widest and deepest exchange pair of any cryptocurrency.
However, in terms of actual mass adoption, BTC appears to have done very little. Money coming into BTC is mainly speculative on whether BTC will become digital Gold, expectations of a BTC ETF being approved and other "store of value" propositions. The mission of peer to peer cash appears abandoned for various reasons, including clear conflicts of interests.
In contrast, the money invested into the ETH ecosystem has gone out into thousands of ICO projects, which has then been used to pay billions in salaries and overhead costs. Assuredly, many of these ICOs will fail but arguably a large proportion of funds has been invested into value adding projects that will contribute to the ETH ecosystem.
Projects such as omisego will bring scalability to cryptocurrencies. Makerdao will bring stable coins. Augur will bring predictive markets. Kyber will bring token to token virtually frictionless exchange. BAT will bring direct ad payments from advertisers to consumers. These are just a handful of the value adding projects in the ethereum ecosystem. Is this not capitalism in action?
Therefore, even though the price of ETH has dropped more significantly compared to BTC in the short term, surely mass adoption is much more likely to occur on the ETH network rather than BTC? Who knows when a BTC ETF still be approved? Maybe there will be no approval in the next two years? Whereas we know that many ETH projects are actually becoming useful, especially omisego, BAT, makerdao and let's not forget centralised apps such as Tenx and Monaco. Not everything needs to be a Dapp.
It is obvious, there isn't the same level of developer interest in competing decentralised Turing complete networks at the present time. Nothing is close to ethereum in terms of the raw number of processed transactions per day, sheer number of developers and actual development around and on the Ethereum blockchain.