A significant altcoin rally appears improbable, as crypto projects have failed to generate sufficient interest to entice traders, states Bitget’s operating chief, Vugar Usi Zade, in his remarks to Cointelegraph.
“I don’t think there will be an altseason,” Vugar Usi Zade indicated during the Token2049 conference in Singapore last Wednesday.
“This notion that ‘this is altseason […] and everything will go up because it’s altseason,’ we won’t see that, and I’m very firm in that.”
He elaborated that there won’t be a massive price surge without any logical basis, noting the absence of technological progress or significant developments in projects, questioning why prices should rise merely due to timing.
Historically, altcoins — tokens outside of Bitcoin — have experienced surges alongside Bitcoin, often exceeding Bitcoin during periods of high consumer interest in altcoin investments.
Crypto Market Trends
Usi Zade commented that the crypto market has moved away from the idea of seasons, instead undergoing briefer and more frequent cycles. Bitcoin’s influence on the broader market is diminishing.
“Bitcoin is its own rally; its impact is almost zero on the rest of the market.”
He pointed out instances where Bitcoin has shown gains while the rest of the market declined.
Investors are likely to experience future cycles driven by popular narratives, with only projects aligned with current trends witnessing gains.
Vugar Usi Zade speaking
Vugar Usi Zade speaking on stage at Taipei Blockchain Week in September.
The sentiment in the market has shifted, leading investors to favor Bitcoin over other altcoins like Ethereum.
“Now, no one tells you Bitcoin and Ethereum anymore,” Usi Zade remarked. “Everyone will tell you just Bitcoin.”
Bitcoin currently holds a 58% market share, while Ethereum’s share is at 12%.
