Yes the demand play an important part but we should give credits on what's the reason for the demand. Bitcoin become famous due to it's new technology feature called blockchain which can rival fiat. This is the reason why many investors become a believer or hype to buy and invest on Bitcoin that creates the demand. The demand on Bitcoin doesn't magically appear out of nowhere. I just want to emphasize that it's new technology is the real reason for the continuous growth of Bitcoin price.