Bitwise: Ethereum's Recent Slump May Reverse by Year-End

PANews reported on September 19 that, according to CoinDesk, Bitwise has released a report suggesting that Ethereum's (ETH) recent underperformance could reverse before the end of the year. The report highlights that most stablecoins are issued on the Ethereum network and over 60% of DeFi assets are locked on the chain. Bitwise CIO Matt Hougan likened Ethereum to "the Microsoft of blockchains," pointing out that despite increased competition, Ethereum still boasts the most developers and users, with a market capitalization five times larger than its closest competitor. The report believes that the current challenges facing ETH are not "existential" and that the year-end could present an opportunity for contrarian investment.