Ethereum may be in the doldrums at the moment, but haters of the blockchain will probably end up looking silly, says the chief investment officer of Bitwise.
Current Situation with Ethereum
In a Sept. 17 post, Bitwise’s Matt Hougan admits there has been a lot of negative community sentiment over Ethereum. The ETH/BTC ratio has been at its lowest in three years, and the price of Ether is flat compared to Solana and Bitcoin. "No one likes Ethereum right now," he said.
Ethereum's Prospects
However, Hougan also argues that Ethereum is still home to 50% of stablecoins and 60% of all decentralized finance assets are locked on Ethereum, highlighting it in a Sept. 17 post. Additionally, attendees at Singapore’s TOKEN2049 conference have also reported strong interest in Ethereum in the real world.
Future Challenges and Opportunities
More than 37,800 GitHub commits were made from Ethereum’s 2,615 active developers over the last week — 68% more than second-place Polygon. Hougan also noted that despite the current difficulties, the next large traditional company to create a blockchain product will likely choose Ethereum. While challenges such as low ETH price and SEC regulations remain, Hougan believes in Ethereum's potential in the future.
The expert believes the market will take another look at Ethereum as the upcoming United States presidential election looms, hinting at the potential for some regulatory clarity to emerge.
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