How does this track with the fact that it's at the ATH right now, and has been steadily going up for some time?
Irrational exuberance is an amazing phenomenon... I've seen this before.
You haven’t seen a new form of money (not currency) go from $0 to $1 trillion before.
You haven’t seen something in the process of overtaking the market cap of gold—approximately $10 trillion.
The first trillion takes the longest; the next trillion will probably happen in far less time.
What you are left with now is all the people who bought the bitcoin after it had already been pumped and dumped, and they aren't willing to sell it for less than they bought it for.
This means that the perceived value of the asset is now based on the notions held by millions of people who are holding and don't want to sell.