It's just a momentum-driven, short-squeezing melt up that is happening alongside the equivalent market action in the NASDAQ and tech sectors of Western equity markets.

When that equity bubble bursts on the next piece of bad news, this cryptocurrency mini-bubble deflates as well. Being so much more volatile, however, crypto markets will end up swinging well below the most recent troughs of the past month.

Crypto swings are always more volatile than the tech sector their performance tracks alongside.