Ethereum: The Microsoft of Blockchain?

Bitwise, in a report released on Tuesday, declared Ethereum the dominant blockchain, boasting the most active developers, highest user engagement, and a market capitalization five times larger than its closest competitor. Despite recent struggles, the report suggests Ethereum could become an attractive "contrarian" investment before the end of the year.

The report highlights that most stablecoins are issued on the Ethereum blockchain, and over 60% of DeFi assets are locked within its network. The asset manager likens Ethereum to the Microsoft of the blockchain space, indicating its strong position and potential for growth.

While Ethereum faces challenges, they are not "existential," and the market may re-evaluate the cryptocurrency as the US election approaches. By the end of the year, Ethereum could emerge as a compelling contrarian investment choice.