Highly manipulated & that is the reason behind the "bull run" effect..that's atleast what I think about it. Dont get me wrong, there is still money to be made, but I wouldn't go so far to call it a bull run just yet...
Is there any bull run that is not manipulated still, what we usually call bull run is when there is sudden surge in the value of bitcoin which continues that way for a while, and what makes the value to surge is when there are some group of people with large capital to pump money and then allow fomo to continue the rest. We think the rest is organic pump, although it is organic pump, but such was as a result of the far of missing out, but not the real organic pump that usually occur as a result of utility.
If you want to know a value that is as a result of organic pump, you would see that the increase would be very slow, but a steady one, and that is what many of us dont want, we want that sudden sharp increase which to me is usually not very healthy for investors and even the market in general.