Bitget CEO "Altcoin season won't come next year either"

Son Min

Summary

"Bitget's CEO said the altcoin season will not start this year or next year.
He said that the recent sharp plunge and depletion of investment in web3 projects have increased investment risk in altcoins.
"He predicted that assets with real use cases, such as stablecoins, real-world assets (RWA), and payment infrastructure projects, will continue to be strong."

A claim has emerged that the 'altcoin season' will not begin this year or next.

On the 24th (local time), according to BeInCrypto, Gracy Chen, Bitget's chief executive officer (CEO), said, "The expected altcoin season will not arrive this year or next."

He explained, "Altcoins suffered serious damage from the sharp plunge that occurred on the 10th," adding, "the situation has worsened as investments in web3 projects have already been depleted." He continued, "Altcoins, which are mainly traded by small investors, now bear excessive risk compared to potential returns," and elaborated, "the market needs time to recover now."

However, he predicted that certain projects would still show strength. Chen said, "Assets with real use cases, such as stablecoins, real-world assets (RWA), and payment infrastructure projects, will survive."