Do you have a better explanation? I don't see any news or rumor that could explain it.
I just posted the explanation Stolfinator. When something like 70% of coins have been mined, price has already hit the bottom as evidenced from the last year, and the upside potential is listed below, we haven't witnessed anything close to a bubble yet:
Incoming $163,000,000,000 market cap and $7700 coinshttps://bitcointalk.org/index.php?topic=1235466.0Well, six months ago 68% of the coins were already mined. Why wasn't the price ~$340 back then?
Didn't investors then know that, within six months, 70% of the coins would be mined?
Whatever the cause for the rally, one thing you should keep in mind: every penny of profit that a bitcoin investor makes can only come from the pocket of another bitcoin investor...