According to Matt Hougan of Bitwise Asset Management, the next altcoin cycle could look very different from previous ones. Instead of a market-wide surge where nearly all tokens rise together, Hougan expects a more “differentiated” environment where only certain cryptocurrencies gain major momentum.

He believes the market may start “rerating” tokens linked to strong products, platforms, or large-scale adoption. That shift could mark a turning point for the industry, pushing investors to focus more on long-term value rather than chasing rapid speculative gains across the broader altcoin market.