According to BlockBeats, Bitwise said in a report on Tuesday, September 18, that ETH now seems to be ignored, but its poor price performance may be reversed as the year draws to a close. The report believes that ETH’s recent poor performance stems from risks related to the November U.S. presidential election, increased competition from Solana and other blockchains, challenges facing token economics, and mixed reactions to the launch of spot trading platform exchange-traded funds (ETFs) in the United States.
Bitwise noted that most stablecoins are issued on Ethereum, more than 60% of decentralized finance (DeFi) assets are locked in Ethereum, and the popular prediction market Polymarket is also settled on the mainnet. Ethereum has the most active developers, the most active users, and a market cap that is 5 times larger than its closest competitor. Ethereum is like the Microsoft (MSFT) of blockchain, everyone wants to talk about the newer companies and their game-changing technologies, such as Google (GOOG), Slack (WORK), and Zoom (ZM), but Microsoft is still larger than all of them combined. The market may re-evaluate ETH as the US election approaches.
