While Ethereum, the second largest cryptocurrency network in the market, has been underperforming compared to Bitcoin, analysts still believe it might recover some ground before 2025. Bitwise, a crypto index and exchange-traded fund (ETF) provider, has highlighted the chain’s fundamentals as a key element that might still bring investors to put their weight behind it.

Matt Hougan, CIO of Bitwise, believes the chain might still support itself in its numbers, which dwarf those from some competing chains. “Ethereum has the most active developers, the most active users, and a market cap 5x larger than its closest competitor,” he stressed in a recent memo.

Furthermore, he compared Ethereum with Microsoft, explaining that while it lacks the allure of other chains, it is still larger than most of them. Hougan declared:

It’s like the Microsoft of blockchain. Everyone wants to talk about newer companies and their disruptive technologies, like Google, Slack, and Zoom, but Microsoft is still bigger than all of them combined.

Hougan also highlighted that big and solid companies like Blackrock and Nike used Ethereum to build its products, and predicted that similar companies would do the same. However, he recognized that due to the ETH/BTC ratio hitting its lowest in three years, it “was cool” to hate Ethereum now, but warned that this would end up looking silly in the long run.

Hougan assessed that none of the difficulties faced by the chain seemed existential and that he viewed Ethereum as a contrarian bet towards the end of the year. “I suspect the market may reevaluate Ethereum as we get closer to the November elections and any regulatory clarity that emerges,” he concluded.

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