The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
What random straw man arguments!!!!!
NONE of your listed fundamental issues are problematic for bitcoin at this stage in its life, and maybe NOT even into the future. Bitcoin remains a growing phenomenon with ongoing development, and its infrastructure is well capable of expanding capacity as soon as people begin to jump on board. Surely there is a bit of a catch 22 because additional people may be hesitant to jump on board if they are worried about future devaluation... but as more people jump on board, the price increases causing more interest and causing more need to expand, build and modify existing systems, including user friendliness.