Some might say it just reacted quicker than stock markets. It's traded 24/7 worldwide unlike markets with circuit breakers and closing times. It's going to plunge quicker and deeper so a recovery will be quicker and higher too.

To convince me it's not correlated to overall sentiment it would have to do its own thing for several weeks in a row and I can't see that happening. It is of course welcome to do that if it wants to.