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...
that is assuming the market is a closed system, but it's not.
there's constantly new buyers entering the market, who also want a share of the pie, but the pie is very limited, so the more people want a share, the more expensive the shares become.
Sure, a lot of bears lost money, which made a lot of bulls a lot of money (for the first time in years, at this scale at least), but a lot of gains also come from new investors.
And we haven't seen the end of it yet. This is just the beginning.