Last week Bitcoin paid a “special dividend” (as I like to call it) “Bitcoin Cash”. As is well known anyone who owned Bitcoin during the hard for received new coin, bitcoin cash. Well, it seems to me that this new found money fueled quite a price rise in Bitcoin as presumably holders of Bitcoin sold some of their Bitcoin Cash and used those funds to invest in other cryptos. Its a bit like quantitative easing.
It should also be noted that the fork went flawlessly with no market disruptions. Some had predicted dire happenings for Bitcoin over this fork. It went very well, and that had to bolster confidence in Bitcoin.
Combine the “special dividend” and increase trust and you get higher prices. You can see in the chart below that as Bitcoin Cash has been tanking (orange line) Bitcoin (in blue) has been leaping.
Don’t forget big news from Wall St including the CBOE adding Bitcoin Futures as mentioned here. In my opinion all this clears the way to higher prices.