Bitcoin’s Grip Slips—Altcoin Season Looms as Dominance Craters, Says MEXC Boss

Bitcoin’s market dominance is bleeding out—dropping below 40% for the first time since the last altcoin frenzy. Traders are rotating into Ethereum, Solana, and a parade of speculative tokens as risk appetite surges.

MEXC’s COO isn’t mincing words: ’When BTC dominance breaks trendlines, capital floods the alt markets. This isn’t hopium—it’s on-chain data.’

Cue the usual suspects: memecoins pumping 300% on vapor, ’institutional-grade’ DeFi projects with anonymous teams, and VC-backed tokens dumping on retail at the first sign of profit-taking. Just another day in crypto’s casino economy.

Ethereum surges 10%, sees rising ETF inflows

Ethereum (ETH) is also signaling growing altcoin interest. On May 13, it jumped 9.99% in a single day and is now up more than 50% in just one week, rising from $1,778 to $2,696.

“Ethereum’s performance is another signal pointing to the potential start of altseason. While large short positions among ETH traders and persistent bearish sentiment previously indicated a continuation of the downtrend, a surge in risk appetite has renewed interest in ETH and smaller altcoins,” Tracy Jin of MEXC

While Jin acknowledges that we are still technically in “Bitcoin season,” she believes this may mark the beginning of a reversal. Notably, traders are now seeking higher returns, and many may view bitcoin as overbought. For this reason, sectors like AI, privacy, and DeFi could emerge as the biggest gainers in the weeks ahead.