Bitcoin's market dominance has fallen below its 2024 annual peak
According to Jinse Finance, market data shows that Bitcoin dominance (BTC.D) has declined for eight consecutive days, currently dropping to 61.15%, which is below the 2024 yearly peak of 61.53%. Previous reports indicated that Matrixport stated a sustained decrease in Bitcoin dominance would signal the true arrival of altcoin season.
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Morgan Stanley strategist Michael Wilson pointed out that the quality factor has risen by about 6% since mid-August, reaching a new 52-week high, while the equal-weighted S&P 500 index has fallen by nearly 4% over the same period. Currently, financial conditions have tightened to their highest levels since 2022, and the outperformance of large-cap stocks is masking a significant pullback in other individual stocks. He stated that medium-term corrections in the stock market often end with a catch-down in high-quality stocks.
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