Bitwise CIO: “Don’t jump the gun on an alt season…expect selective gains”

Uk Jin

Summary

Matt Hougan, chief investment officer (CIO) at Bitwise, said the alt season—when altcoins across the market rise in unison as in the past—is over.
Hougan said the market will look different from the past, when capital rotated from Bitcoin to Ethereum (ETH), decentralized finance (DeFi) and non-fungible tokens (NFTs).
He said that going forward, the market will take shape in which projects differentiated by viable business models are selected and rise.

Forecast Trend Report by Period

A forecast has emerged that it will be hard to see another “alt season,” a phenomenon in which altcoins—cryptoassets other than Bitcoin (BTC)—surge broadly across the market.

According to crypto-focused outlet Cointelegraph on the 6th (Korea time), Matt Hougan, chief investment officer (CIO) at Bitwise, said in an interview conducted last Wednesday, “I think the days of an altcoin season where the entire altcoin market rises in unison, like in the past, are over,” adding, “Going forward, a different kind of altcoin cycle will emerge.”

Hougan said, “The market will look different from the past, when capital rotated from Bitcoin to Ethereum (ETH), then to decentralized finance (DeFi) and non-fungible tokens (NFTs), lifting most altcoins,” adding, “In the market ahead, we will see a landscape where projects differentiated by viable business models are selected and rise.”

BTC