Dutch crypto analyst/trader Michaël van de Poppe said earlier today that now that Bitcoin has gone above $50K and is being hyped by mainstream media, traders and investors are happy to buy as much BTC as they can whereas they were no interested last March, when they could have BTC for as little as $5000 (or even less).
Investors are now looking to Bitcoin because it is the only safe
store of wealth. This is because of the financial stimuli which
central banks have introduced because of the pandemic.
FIAT is devaluing, FIAT assets are falsely inflated because of
the endless printing of FIAT, its not sustainable
Investors see this so they have to move to Bitcoin, once the initial
few get in others will have to follow or be left holding their worthless FIAT.