Thanks for sharing your views @zer0hedge. I think there are a multitude of reasons as to why this is happening:
India's recent announcements
Metcalfe's law reaching an initial critical mass
Regulations being imposed
Large investors making moves on the market
Of course, there are a multitude of other factors that one must take in to account, such as the recent hacks, pumps and scams, but they key takeaway is that people are still interested and that means the market should keep growing.
Mostly moves in markets happen like this because there are more sellers than buyers.
Isnt that the true simplicity of it all?
Yes, but one needs to look at why there are more sellers, which is where fundamentals come in.
Fundamentals rarely have anything to do with markets.
Fundamentals do not price Tesla at $350 or bitcoin at $20K.
The market and what is going on with a company, industry, or blockchain rarely match. That is why some things are over priced, under priced, or even bubbled.
Over time, things should adjust...but sometimes they do not.
Sentiment drives market...it is a glorified casino....fear and greed are the motivators.
That is why the technicals and algorithmic trading can be success...because the behavior sprung from sentiment is often predictable.
I disagree there, because T.A. is based off of market psychology, which is based off of pack mentality and fundamentals - bitcoin hits prices due to supply and demand, which occurs because people want something, which is again based off of fundamentals.