Here are my quick guesses
1. Increased institutional adoption
2. Hopes for interest rate cuts
3. Trump's crypto-friendly endorsements
It is mostly institutional investments and purchases through ETFs combined with the impact of the last halving. I don't think the hope for interest rate cuts are doing much because people have been hoping for those for some time even during bear market and nothing is happening. We are not sure when they will happen.
$HYPERLANE also experienced a price surge of about 481.82%
This is just a random shitcoin and it can pump because of anything.