In short Bitcoins, growth has always been expected but the sudden massive rise this week was unexpected to most. DCNews has a very good source that said several weeks ago that a large group of Japanese investors have been waiting for the Segwit on Litecoin to happen to invest a great deal into Bitcoin.
CNBC confirms that 52% of Bitcoin volume was from Japan
Japan is becoming a much larger player in the Bitcoin market due to the increasing acceptance of Bitcoin on both a social and state level.
Bitcoin may retrace somewhat but the long-term outlook is very positive. Bitcoin and Cryptos are a socially driven asset and if one views the number of new accounts being opened, the increasing number of bitcoin related websites, exchanges and services. an increase in bitcoin and altcoins has been predicted by countless experts and traders. Socially bitcoin is been spoken about from friend to friend and promoted by mass media on a greater scale than ever before. Bitcoin is likely to remain king but the altcoins are going to make a come back as the money that flowed in Bitcoin this week starts to drip into the altcoins.
This is likely to happen as the rise is bitcoin is increasing the current holder’s portfolio value and attracting new users. Those that have made great profits with bitcoin this week are likely to diversify into altcoins in the coming days and weeks. Those that have just started using bitcoin will begin to be introduced to Altcoins. This is likely to promote future growth of the altcoin market.
By Thomas Johansson, Daily Crypto News