The cryptocurrency market is becoming increasingly similar to the US stock market. The S&P 500 and Nasdaq 100 have high concentrations of market capitalization. Both indices recently hit their all-time highs, but many small and mid-cap stocks have already plummeted. On October 5th, the day the Nasdaq index hit its all-time high, 206 stocks hit 52-week lows, while only 46 hit new highs. The cryptocurrency market is similar. After all these years, Bitcoin's market share remains as high as 60%. If you include BTC + ETH + stablecoins, they account for approximately 80% of the entire market capitalization. Market prosperity is increasingly concentrated in a few top assets. A new index high does not mean that most assets are also reaching new highs; a bull market does not mean that most investors will make money.