Matt Hougan, Chief Investment Officer of Bitwise Asset Management, believes that the traditional "altcoin season," when almost the entire altcoin market surges, may not repeat itself as it once did.
According to Hougan, previous cycles in the crypto market typically followed a familiar pattern: money would start flowing into Bitcoin, then spread to Ethereum, and then continue into asset classes like DeFi, Non-Fungible Token , and a host of other altcoins. However, he believes this pattern is gradually changing.
The new altcoin cycle will be "selective".
Hougan predicts the market is entering an “unconventional altcoin season,” where not all altcoins will rise in price simultaneously. Instead, only projects with practical applications, clear products, and sustainable growth momentum are likely to be re-evaluated by the market and attract Capital. He suggests that Token tied to large business models or critical crypto infrastructure could become the focus of this new growth cycle, while many altcoins lacking intrinsic value may no longer benefit from simultaneous price surges as before.
Hougan also noted that Bitcoin may have begun to form a Dip and is showing signs of recovery. According to him, Bitcoin's performance remains a crucial factor shaping the overall crypto market cycle. The view on the return of an altcoin season is still debated within the community. Data from Santiment shows that the level of discussion about altcoins on social media has dropped to its lowest level in two years, indicating that investor attention is primarily focused on Bitcoin.
In this context, many experts believe that the next cycle of the crypto market could be more polarized, with a few outstanding projects leading the market instead of simultaneous price surges across all altcoins.
