Bitcoin is green - All altcoins in the top 10 are red today

Only Bitcoin is green.

The bullish bitcoin price trend continues: Bitcoin is currently being traded for nearly $1200. Meanwhile, all other cryptocurrencies in the top 10 are being dumped. Most of them surged to new highs over the last few days/weeks so a correction is not weird at all.

Best definition of an altcoin? The stuff we buy and sell to earn more Bitcoin :-)

Bitcoin Daily Chart

What's driving the Bitcoin surge?

The are two main reasons for the current Bitcoin upsurge.

• The first reason is legislation making bitcoin and virtual currencies legal currency took effect this month in Japan. Thanks to this new law Japan is set to for a massive explosion in Bitcoin acceptance. It is expected that at least two large retailer groups will start accepting Bitcoin soon and this might be just the beginning of a rising Bitcoin popularity in Japan.
• The second reason bitcoin is rising is that investors have less fear of a possible ‘hard fork’, a split of bitcoin’s core software into two rival coins. The Asicboost revelation makes segwit activation more likely. At least, many people seem to think so. If a solution on the scaling issue will be reached I'm sure it will be a catalyst for a new a rally, but we're still far from an agreement.

Steem

Good news for those Steem investors who where waiting to buy Steem at a cheaper price ;-) Steem is down together with most of the other altcoins. I've bought some Steem back at 0.00013000 BTC on Poloniex today which I sold for a higher price a week ago. We might go lower of course. You never know...