Ether Is Going to Shine Again, Steno Research Says

Ether’s recent underperformance may be a thing of the past, according to a report by Steno Research. The report highlights that during the previous bull market, ether outperformed bitcoin and doubled in value. The recent interest rate cut by the U.S. Federal Reserve is expected to increase onchain activity, which will benefit Ethereum. While ether has only risen by 8% year-to-date, compared to bitcoin’s 43% surge, Steno Research suggests that it could soon shine again. The surge in onchain activity, particularly in decentralized finance (DeFi) and non-fungible tokens (NFTs), will further boost Ethereum. Additionally, Steno Research believes that bitcoin exchange-traded funds (ETFs) may not continue to outperform ether versions as much, given ETH’s past ability to suddenly outperform its larger rival. The report also mentions that ethereum’s active addresses remain strong, and its transactional revenue appears to have bottomed in August. Bitwise, another asset manager, also expresses optimism about ether’s prospects, describing it as a contrarian bet for the rest of the year.