The euphoric altcoin season, in which almost every cryptocurrency soared across the market, is likely to return, says Bitwise chief investment officer Matt Hougan.
“I think it’s game over. I think we’re going to see a non-traditional altcoin season,” Hugan said in an interview on Wednesday. “The season of altcoins that reward assets with real world appeal and a real agenda.”
“I don’t think we’re going to see the kind of watershed that’s going to tip all the buckets as you go from Bitcoin to ETH to DeFi to NFT tokens.”
Hougan said future seasons of the altcoin could instead “re-evaluate” certain tokens, particularly those with what he described as “massive trades”.
The season of Altcoin is likely to become more “different”.
“I just think it’s going to be more different than previous altcoin seasons,” Hougan said.
Crypto traders typically expect, based on past cycles, that Bitcoin (BTC) will first hit new all-time highs, then capitalize on Ether (ETH) and then altcoins, kicking off the altcoin season.
As for Bitcoin, which recently fell to $60,000 in February, Hougan said it’s “starting down and trending higher.” According to CoinMarketCap, Bitcoin is trading at $70,237 at the time of publication.
The discussion of the Altcoin season continues
The altcoin season debate has divided the crypto industry, with crypto analyst Matthew Hyland saying in November that traders should be confident in the altcoin season coming soon, citing Bitcoin’s dominant chart as a “multi-week low.”
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In December, BitMEX co-founder Arthur Hayes said, “There’s always an altcoin season.”
“(If you’re) always saying there’s no altcoin season, (it’s) because you don’t have what’s going up,” Hayes said.
Crypto sentiment platform Santiment said on Wednesday that mentions of altcoins on social media have hit their lowest level in two years, while indicators show that investors are focusing on Bitcoin.
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