Altcoin Rotation Underway, But Alt Season Remains Elusive

The crypto market has been witnessing a gradual shift towards altcoins, with three independent datasets indicating early-stage rotation in May 2026.

The AltSeason Index from CryptoQuant has risen rapidly to 28.6, surpassing the Bitcoin Season floor of 20 and moving higher. This marks the beginning of an altcoin rotation, but it is still far below the 75 threshold that defines alt season.

Another dataset showing this trend is the Binance altcoin volume share, which has climbed from 31% to 49%. This indicates a significant increase in money flowing into the broader altcoin market.

The CEX Volume Ratio chart also confirms the rotation, with an increasing trend in altcoin volume excluding the top five assets. However, the magnitude of this rotation is not yet comparable to previous alt seasons, which saw the index reach or near 75-100.