http://i.imgur.com/92o8eqR.png

Data taken from http://blockchain.info/charts

In the past 60 days bitcoin market price has increased by 800%. If the cause of increase was widespread adoption of bitcoin as a currency, people would be making transactions. The number of transactions should increase by a similar percentage taking it to around 300000 transactions per day. The current number of transactions is only around 75000 per day.

My take from the data is that bitcoin is in a massive speculative bubble. People are hoarding and not using bitcoin as a currency.