Ether could be poised to shine after underperforming the broader cryptocurrency market this year, according to a new report from Steno Research. ETH has gained about 8% this year, compared to 40% for BTC. However, Ether’s performance during the last bull market could give some clues about what to expect next. ETH has surged on the back of increased onchain activity from DeFi, stablecoin issuance, and NFTs. The Federal Reserve’s interest rate cut earlier this week will lead to increased onchain activity, which will greatly benefit Ethereum, Steno said. “Ethereum’s active addresses remain strong, especially when factoring in the growing adoption of rollups,” analyst Mads Eberhardt wrote, adding that the network’s transactional revenue appears to have bottomed out in August.
