If I were you I would be very carefully looking at who is buying those things. If there is no large institutional holder or significant amount of new users - current bubble is another speculative bubble (who could have guessed?).
TL:DR bitcoin always went through successively larger bubbles. Without very hard evidence I would believe that current price is result of bubble as well. Also, is there a reliable way to short bitcoins?
I realize that it's all speculative and likely bubbling and all of that. The difference is, not only do I treat this as an investment/speculation (and it's not like I'm betting my life savings on BTC), but I also understand (to a certain extent) and believe in the technical merits of it. I'm not just in it for the rising value (although I'd be lying if I said that wasn't enticing), but I actually want to see this succeed.
Means people are buying bitcoins not for their inherent value, but rather in order to sell them later at a higher price. When this happens everyone is waiting until value top's off. Sooner or later moment comes when some portion of holders decides to sell. Other people see price dropping and try to sell their bitcoins as well causing bubble to burst and price to drop significantly.
Any advantages that Litecoins offer over Bitcoins? As long as I pride myself on being somebody who bought into Bitcoin for more than its fiat value potential, I may as well be consistent and understand Litecoin as well.
TL:DR bitcoin always went through successively larger bubbles. Without very hard evidence I would believe that current price is result of bubble as well. Also, is there a reliable way to short bitcoins?