It could be a little of both additional supplies of late-to-the-party money have finally found their way to this market, amplified by the ongoing process of coin concentration into fewer and fewer hands. Both factors (with a little help from breakage and block reward subsidy tail-off schedules) constrain liquidity and thus drive up the price. But it makes for a very distorted "market cap." Fiction, leavened by just enough fact, feeds an eager fantasy, which feeds back into more fiction. Last one out the door gets to hold the very real bags.