One can see clear parallels between the bubbles they've studied and Bitcoin's current rally. Bubbles tend to be driven either by new technologies (like railroads in 1840s Britain or the Internet in the 1990s) or by new financial innovations (like the financial engineering that produced the 2008 financial crisis). Bitcoin, of course, is both a new technology and a major financial innovation.

A lot of bubbles historically involve some kind of new financial technology the effects of which people can't really predict.These new financial innovations create enthusiasm at a speed that is greater than people are able to reckon with all the consequences.

Maybe we're seeing classic signs that often occur near the end of a bubble. The end of a bubble often comes with "a high amount of volatility and a lot of excitement."