Bitwise explained the growth of altcoins in parallel with Bitcoin
Bitwise Investment Director Matt Hougan explained that the parallel growth of Bitcoin and altcoins is associated with the influx of new funds into the crypto industry through ETFs. He noted that wealthy crypto investors are moving what they earn from Bitcoin into other digital assets, which is causing prices for altcoins to rise. In his opinion, this trend will continue as long as more funds flow from ETFs into Bitcoin than flow from it to other cryptocurrencies.
Historically, the altseason limited Bitcoin's growth as capital moved from the first cryptocurrency to others. However, the 2024 rally is driven by outside money flowing into the ecosystem through ETFs. The expert predicts that this will lead to an “all-season” instead of a classic altcoin season.
