Bitcoin dominance is back to 2-month lows, fueling an altseason

In the last 20 days, Bitcoin (BTC) has lost four percentage points of its cryptocurrency market dominance, fueling an altseason. A dominance loss means key cryptocurrencies are outperforming the leader, absorbing capital.

Timeline of Bitcoin

Nasdaq-listed Microstrategy has bought 14,620 more bitcoin for approximately $615.7 million. The latest purchase raised the company's cryptocurrency holdings to 189,150 bitcoin, acquired for about $5.9 billion at an average price of $31,168 per coin.

MicroStrategy bought 14,620 units of Bitcoin for approximately $615.7 million in cash between Nov. 30 and Dec. 26 at an average price of $42,110 per BTC, according to a Dec. 27 Form 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC). As of Dec. 26, MicroStrategy holds 189,150 BTC, acquired for approximately $5.

The OKX platform has announced an exciting event for cryptocurrency enthusiasts with the launch of its “BTC Ecosystem Carnival” campaign on Cryptopedia. This initiative, presented as a unique opportunity to learn while earning rewards, seeks to promote knowledge about Bitcoin (BTC) protocols and decentralized applications (DApps).

Bitcoin price is lethargic ahead of the New Year as investors look forward to approval of spot Bitcoin exchange-traded funds (ETFs) in the US come January. The largest cryptocurrency had rallied to almost touching $45,000 in December but corrected to test support at $40,000.

MicroStrategy (NASDAQ: MSTR) keeps accumulating Bitcoin (CRYPTO: BTC). What Happened: Michael Saylor, the firm's founder and chair, coinfirmed on social media that MicroStrategy acquired 14,620 BTC at an average price of $42,110 each for a total value of $615.7 million.

In what could potentially be a setup for bear trap amid hopes of an early approval of the spot Bitcoin ETF, BTC whales have transferred large holdings to crypto exchange Coinbase. This comes after Grayscale, which is expected to be among the first ETF seekers to get the nod from the U.S. Securities and Exchange

Crypto investors are eagerly waiting for the approval of a spot Bitcoin exchange-traded fund (ETF). However, a recent splash on crypto lobbying is creating hope for the longer-lasting survival of the asset.

The SEC has issued a deadline for spot Bitcoin ETF applications, triggering fierce competition among firms vying for a coveted spot in the first wave of approvals. The deadline, set for December 29, has put significant pressure on applicants to finalize their filings and meet the stringent requirements set forth by the regulatory body.

The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies. Data from CryptoSlate indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.

In a detailed analysis, Bloomberg highlights the dramatic shift in the cryptocurrency market from the gloom of 2022's $1.5 trillion wipeout to a state of avarice by the end of 2023. This transformation is marked by Bitcoin's significant resurgence and the crypto community's optimistic outlook on regulatory developments.