Matt Hogan, head of investments at Bitwise, says the euphoric altcoin season, in which nearly all cryptocurrencies rally across the market, will likely never return.
“I think the game is over. I think there will be a season for non-traditional altcoins,” Hogan said in an interview Wednesday. “Season of altcoins that reward assets with real-world traction and real-world applications.”
“I don’t think we’ll see anything like the rising tide that lifts the buckets of everything from Bitcoin to ETH to DeFi to NFT rock pictures.”
Hogan said that in future altcoin seasons, the market may “revalue” certain tokens, especially those related to what he called “huge business.”
Altcoin season likely to become “more differentiated”
“I think it will be more differentiated than previous altcoin seasons,” Hogan said.
Based on past cycles, crypto traders typically predict that altcoin season will begin with Bitcoin (BTC) hitting all-time highs first, followed by capital rotation into Ether (ETH) and then altcoins.
Hogan said Bitcoin, which recently fell to $60,000 in February, “has started to bottom out and is trending up.” According to CoinMarketCap, Bitcoin is trading at $70,237 at the time of publishing this article.
Altcoin season debate continues
The altcoin season debate has divided the crypto industry, with crypto analyst Matthew Hyland saying in November that traders should have confidence that altcoin season is just around the corner, citing Bitcoin’s dominance chart having been “bearish for weeks.”
Related article: 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 always saying altcoin seasons don’t exist, it’s because you don’t own what’s going up,” Hayes said.
Crypto sentiment platform Santiment said on Wednesday that mentions of altcoins on social media have reached their lowest level in two years, amid indicators that investors are paying attention to Bitcoin.
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