From a timely bitcoin reality check; also see Bitcoin's Sudden Surge Propels It Above $5,000 | Bloomberg (which notes "Traders struggle to pinpoint reasons for the advance")
"Even in this “crypto winter,” as some are calling it, the depressed price of Bitcoin is still four times higher than it was at a peak in 2013, before an earlier crash.Amid Bitcoin Uncertainty, ‘the Smart Money Knows That Crypto Is Not Ready’ | NYT
But few of the more practical ambitions for Bitcoin and other cryptocurrencies have been realized, and it can still be hard to determine what is real and what is not real around digital tokens.
An American company looking to set up Bitcoin investment funds, Bitwise Asset Management, recently said it had determined that 95 percent of the trading activity reported by Bitcoin exchanges around the world was fake.
The structure of Bitcoin makes it hard to maintain control. All Bitcoins are accounted for on a decentralized ledger, known as the blockchain, which no single institution controls. Anyone can have access to it, giving free rein to bad actors."
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