Ethereum (ETH) has struggled for the most part of the year, but its fundamentals look better than its current market value. 

The network’s much-anticipated Merge went live this year as it transitioned to a proof-of-stake consensus mechanism. The effects on the blockchain were huge as its energy usage was cut by 98%, with validators replacing miners.

Over 100 days since the Merge, ETH still struggles below $1,500, trading at $1,217. The network currently has over 490,000 validators with the number expected to grow in 2022. According to Beaconcha.in, an open-source Ethereum blockchain explorer, there are currently 15.7 million ETH staked on the network since September, worth around $19.2 billion. 

ETH began the year with prospects of hitting new highs after ETH2, which will make the platform more efficient and faster, but the price has struggled in recent months. The asset has lost over 55% in value this year, although market experts are usually impressed by its fundamentals.

Bloomberg’s senior macro strategist, Mike McGlone, has tipped ETH to outperform its rival, Bitcoin (BTC), in the next bull run. His views on ETH are shaped by the smart contracts active on the network and wider mainstream adoption.