Altcoins have struggled to establish a sustained uptrend over the past few months. Many investors were accumulating alternative cryptocurrencies in the second and early third quarters of 2025, hoping for big gains if Bitcoin regains momentum. That promise did not materialize as Bitcoin rose while most altcoins stagnated.
During this period, capital remained parked in altcoins despite limited upside potential. Many investors chose HODL in anticipation of rotation delays. Rather, relative weakness continued, with altcoins underperforming Bitcoin.
Therefore, in an exclusive interview with BeInCrypto, Michael Van de Poppe highlighted what the past suggests about the future and what the altcoin market will look like in 2026.
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altcoin season
Sentiment briefly changed in October 2025. Several altcoins have recorded sharp gains, reigniting speculation that altcoin season has finally arrived. That momentum quickly disappeared. Within weeks, prices fell back, wiping out the gains and sparking skepticism across the market.
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Since then, the frustration has only grown. Altcoins continue to make new lows against the Bitcoin pair. Michael van de Poppe compared the current environment with the third quarter of 2019 and mid-2015. He said there is growing fatigue among investors focused on outperformance in other asset classes, and that this situation could end in 2026.
“This pattern should change next year, with patient investors being rewarded for their willingness to bet within the Web3 ecosystem, and selectively crypto protocols should therefore generate positive returns,” Michael emphasized.
What should investors focus on?
Michael emphasized that portfolio construction must be rooted in fundamentals, not narratives. He warned that chasing trending sectors or a single “favorite” protocol invites unnecessary risk. Market leadership often changes unexpectedly, especially during periods of transition.
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Instead, his approach favors protocols that scale consistently. Development activity, ecosystem growth, and actual usage are more important than short-term price performance. Once sentiment stabilizes, these factors will ultimately drive valuations, Van de Poppe said.
“What I’m looking at are protocols that are building the technology that will ultimately be needed across or within the on-chain ecosystem in terms of activity, total value locked, and revenue,” Michael said.
He highlighted Arbitrum (ARB), Chainlink (LINK), and Near Protocol (NEAR) as examples. Despite the overall market downturn, each protocol has made steady progress over the past year. Despite lagging prices, their ecosystem continued to build.
Among the three, Chainlink stands out. According to development data, LINK significantly outperforms ARB and NEAR. This sustained expansion supported the launch of the LINK ETF, strengthening its connection to fundamentals and institutional adoption.
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Will these crypto stories get bigger in 2026?
From a macro perspective, Van de Poppe continues to focus on artificial intelligence, decentralized finance, infrastructure and DePIN. He believes that regulatory developments will ultimately enable growth across these sectors. In particular, the CLARITY Act could strengthen participation in DeFi.
“In addition to that, I think the AI <> blockchain relationship will become more important. Meanwhile, DePIN (storage/robotics as well) will gain significant momentum due to the fact that AI is increasingly integrated into these systems,” Michael further stated.
Despite this outlook, market data paint a bleak picture. The DePIN token entered 2025 with a total valuation of $29.33 billion. As of today, that number has dropped to $11.97 billion, according to CoinGecko. Investor demand remains limited.
AI-related crypto assets followed a similar trajectory. The combined market capitalization of both companies has fallen from $52.3 billion to $19.9 billion over the past year. This decline highlights the gap between long-term potential and short-term adoption.
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How should investors mitigate potential losses?
Looking ahead, Van de Poppe emphasized disciplined risk management. He acknowledged that there is still a risk of a bear market, but argued that cryptocurrencies have already endured a four-year long downturn. From his perspective, positioning now requires patience rather than active speculation.
“…my strategy is to keep my current portfolio in the market, with some of it being actively traded, so I intend to continue to have the flexibility to exit the market at any time if necessary.Public investors in the market should have a clear disablement level (this is fundamental, not necessarily technical) at which they wish to exit the market,” Michael said.
Bitcoin’s recent decline is primarily due to liquidation events rather than sustained selling. CoinGlass data shows that approximately $2.58 billion in long-term liquidations are concentrated below the $86,000 level. That zone served as a temporary stabilizer.
Therefore, be careful if Bitcoin approaches that threshold. A collapse could cause a cascading decline and cause altcoins to fall. In that scenario, it would be wise to exit the position. Until then, altcoin investors may have to endure continued consolidation as the market resets expectations.
