Supply and demand is one factor, but here the bitcoin is not like other currencies, it is not regulated so the supply and demand doesn't impact it that much. Major trading is one of the major factors that determines the bitcoin price. There are other factors too, technological advancement which can only be accessible with bitcoin give bitcoin a huge boost. By technological I mean that you can save your money in your PC and this is a big advancement in technology. This only is reason enough for the price of bitcoin to be up or at least a bit more than gold.