Ethereum, founded by programmer Vitalik Buterin, is considered a key project in the cryptocurrency market.
Will Ethereum drive another rally?
It offers not only payments but also tokenization and smart contracts. Hence ether, the platform’s cryptocurrency, is sometimes called the "digital oil", as it is the foundation of the blockchain economy.
In the online space voices are emerging that Ethereum’s strong market position will make the next digital asset rally not under the Bitcoin sign, but under ETH.
"That would be too far‑fetched", Professor Krzysztof Piech told FXMAG.
Ethereum is very important and continually wins in tokenization infrastructure. According to RWA.xyz, about 15.9 billion USD of tokenized assets are distributed on‑chain on Ethereum, compared to about 29.3 billion USD in total across all networks, which is roughly 54.3% of the market by a simple calculation; behind it are, among others, BNB Chain and Solana.
This shows that Ethereum has a very strong infrastructural position.
The expert added, however, that "this does not automatically mean that ETH will be the price leader of the next rally".
The crypto market is still primarily valued through the lens of Bitcoin. Market data shows that Bitcoin currently accounts for about 58–60% of the crypto market cap, while ETH’s share is about 10–12%.
In other words, narratively and capitalistically BTC still dominates, not ETH.
It is worth noting, however, that it is Ethereum, as Professor Piech himself admits, that is today the center of the tokenization market, but also of stablecoins.
Both sectors are gaining importance. Bloomberg Intelligence estimates that global stablecoin flows could grow at an annual rate of up to 80%, meaning they will reach a level of up to 56.6 trillion USD by 2030.
Professor Piech emphasizes that this matters, but does not immediately imply Ethereum dominance in the crypto industry.
My thesis would be this. While I believe the future belongs to tokenization, stablecoins, and on‑chain settlements, that does not mean, that the future belongs exclusively to Ethereum. In stablecoins, different networks matter (e.g., Tron for the [stablecoin] Tether), and competition is very strong.
At the same time, the full architecture of the digital asset market is still not closed, because the proposed CLARITY Act in the USA has not yet been passed, so institutional adoption is still pending. In such an environment, I find a scenario of dispersed utility across several networks more likely than Ethereum hegemony.
Chart. Ethereum price (ETH/USD)
Source: Trading Economics.
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Ethereum versus the rest of the market. What’s next for Bitcoin?
According to Professor Piech, "Ethereum is an important smart contract platform, but its golden age as an almost unquestioned center of this segment is likely passing".
It has advantages, but it does not have a monopoly and 2.0 blockchains are emerging that occupy their niches and can do well in them.
I do not rule out that some applications will be taken over by other networks, including those that are still in the background today. Pointing to a single certain tokenization winner would be more journalism than analysis today.
In the FXMAG interview, the expert also pointed out some Ethereum shortcomings.
An example is Zero Knowledge Proof (ZKP). It is a cryptographic method that allows multiple parties to verify the truth of a statement without revealing any information beyond the statement itself.
Professor Piech notes that in this area, Vitalik Buterin’s project has a lot to do.
It’s interesting to use ZKP – here Ethereum is still not advanced enough, and transaction privacy is a feature desired by financial institutions.
Meanwhile, regulators need some transparency in this area. Here, the blockchain Midnight from the Cardano team, which promotes itself as the so‑called blockchain 4.0 with programmable privacy, looks promising.
The rest of the interview with Professor Piech can be found at: Bitcoin price did not pass the test. Soon a drop to 40k USD? Prof. Krzysztof Piech: "The bear market is not over yet, and the hardest phase may just be coming"
Chart. Bitcoin price (BTC/USD)
Source: Trading Economics.
Also read: Bitcoin price (BTC/USD, BTC/PLN) disappointed! Forecasts speak plainly. The cryptocurrency will soon reach a new ATH
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