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.
0. Bitcoin supporters are so batshit insane that many folks simply don't want to be associated with them.
That's not a valid reason at all. Economics is all about incentives. Given a strong enough incentive, racists will hire minorities, Sexists will hire women, Anti-semites will do business with Jews and Homophobes will provide goods and services to gays. History is littered with sane people lining up to be associated with whackjobs when they had an incentive to do so.
" It's not personal, Sonny. It's strictly business." ~Michael Corleone
You've got it all in reverse, Women won't hire sexists, Jews won't hire Antisemites and Homosexuals won't hire Homophobes. Bitcoiners are the ones who want to bring on economic Armageddon, want to evade taxes, subvert the government and who hold a fundamentalist attitude.
It's the Bitcoiners that subscribe to the us versus them mentality not normal people.