Altcoin era ‘game over’: Matt Hougan
Altcoins with real-world traction and applications will be the winners of the next altcoin season, according to Matt Hogan, Head of Investments at Bitwise.
Almost all of the euphoric altcoin periods that took place in the market will probably never come back, Hougan said.
“I think it's game over. I think we're going to see a non-traditional altcoin era,” he said in an interview on Wednesday. “The era of altcoins that reward assets with real-world traction and applications.”
“I don't think we're going to see the rising tide of rock paintings going around from Bitcoin to ETH to DeFi to NFT lifting all the buckets.”
Hugan said future altcoin seasons could see the market “re-evaluate” some of its tokens, particularly those associated with what he described as “larger businesses.”
The Altcoin season could be “more different”.
“I think it's more different than previous altcoin seasons,” Hugan said.
Crypto traders mostly expect, based on past cycles, that Bitcoin (BTC) will first reach new highs, then capital will flow into Ether (ETH) and then into altcoins, ushering in the altcoin season.
As for bitcoin, which recently fell to $60,000 in February, Hugan said it's “starting at the bottom and going all the way to the top.” According to CoinMarketCap, at the time of publication, Bitcoin is trading at $70,237.
Altcoin season debate continues.
The altcoin season debate has divided the crypto industry, with crypto analyst Matthew Hyland saying in November that traders should be confident that the altcoin season is coming soon, citing Bitcoin's dominance of the chart for “several weeks.”
Related: 38% of altcoins near all-time lows, worse than FTX crash: analyst
“Altcoin season is always happening,” BitMEX co-founder Arthur Hayes said in December.
“[If you’re] They always say there is no altcoin season. [it’s] Because you don't own what goes up,” Hayes said.
Crypto sentiment platform Santiment reported on Wednesday that mentions of altcoins on social media hit a two-year low, suggesting investors are focusing on Bitcoin.
Magazine: Bitcoin is likely to face a hard fork with any attempt to tie up satoshi coins.
