The days when nearly every cryptocurrency surged together during an altcoin season may be coming to an end, according to Matt Hougan, chief investment officer at Bitwise Asset Management. Hougan believes the crypto market is evolving toward a more selective environment where only projects with real-world traction and clear use cases attract significant capital.

Instead of the traditional cycle where investors rotate from Bitcoin to Ethereum and then into smaller tokens, Hougan expects future rallies to favor projects tied to large and sustainable businesses. In his view, the next phase of the market will reward utility and adoption rather than speculative hype across the entire altcoin sector.