This Bullshit aint the work of an aggregate market.
This is just a few players with the power to defy all time learned principles of market mechanics, in order to deprive the maximum of unsuspecting punters of their USD and Bitcoins, but mostly USD.
This market is fucked.
This is also known as the Efficient Market Hypothesis.
I don't buy emh for bitcoin at all. There is basically no way to truly value it, no earnings or dividends, etc. It's purely speculative. It's a global craps table!
Bitcoin cost money to make. There is your value.