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The Chief Investment Officer of the cryptocurrency asset management firm Bitwise, Matt Hougan, stated that the winners of the upcoming altcoin season will be cryptocurrencies that have practical applications.
According to Hougan, previous periods of explosive growth, where nearly all altcoins experienced a sharp increase in value simultaneously, are unlikely to occur again.
“I believe this game is over. We will witness an unconventional altcoin season that rewards assets with genuine popularity and real-world use,” he remarked.
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The expert believes that the market will cease to operate under the previous model, where capital flowed sequentially from Bitcoin to Ethereum, then to DeFi sector projects, and ultimately to speculative tokens and NFT initiatives.
In future cycles, the market, in the analyst’s view, will be more differentiated. Investors will focus more on the fundamental attributes of projects, particularly those associated with major companies or possessing a stable user base.
Hougan also commented on the price movement of Bitcoin, which recently dipped to around $60,000. He assessed that the leading cryptocurrency has already reached a local bottom and is gradually beginning to recover.
In the coming weeks, the crypto market, as the expert anticipates, will exhibit mixed dynamics. However, he does not foresee significant price fluctuations for the largest cryptocurrencies.
Previously, Matt Hougan suggested that the military operation by the US and Israel against Iran could accelerate the traditional financial system’s transition to blockchain technology.
