Bitcoin has been on a bull run, with the Asian markets driving the charge. The only hope for USA holders is to go over the top and buy as much as possible, but with the holidays in session, the Asian buyers have put the North American buyers in check as most of their trading desks are closed for the holidays.
As a result of the recent price jumps, many of the Alt coins have declined in price, as traders moved back into BTC, fearing the price point will be too high for future investments.
LiteCoin recently surged, rejoining it’s position as Bitcoin’s longest-standing pair, growing over 20% in the last few days of trading.
What does this mean for the Altcoins? Well, the dominance has increased to 88% – meaning Bitcoin is clearly the dominant coin, and as a result, many investors who played the markets are now falling back to Bitcoin as their major asset unit for holding, investing, trading, and sending money.
Price increase is a good thing. With China adopting mechanisms for citizens to pay power, water, and utility bills with Bitcoin, it is clearly making a giant step for global adoption, with China and other parts of Asia leading the way. Given that these countries also have some of the largest human populations on earth, it is only a matter of time before Bitcoin sweeps across the world and becomes the main global currency. Oh wait, hasn’t that already happened?