This time it actually wasn't all fake, but caused by people who are migrating their fiat to western exhanges through BTC. Right now most of the fiat has piled up to BTC, but it's pretty fragile and will start to fall as soon as the volatility slows down.
You can see it by Huobi leading the rises, but BTC-E leading the drops. People are buying coins in China and selling them in the western exhanges.