Saying that Bitcoin is doing well this year is an understate, but investors and traders shouldn't be too focused on one thing. Buying into hype of one asset is a recipe for disaster, because you adopt a desperate mentality, that this is your only way to get rich. This past year and since the low of the March crash, we have seen many bull markets in many different sectors. Being diverse and open to looking for bullmarkets is how you can stay diversified and give a trader many great trading opportunities along the way.
Comment:
Bitcoins was $8000 on January 8th 2020. It's been so far this year a 5x bagger. Tesla and Nio for some obvious examples have out performed so far in this bull market year that we've had. It's no surprise if Bitcoin gets to 100k or more. Everything that increases in value is running on high evaluations of It's future growth potential. It's just like any growth sector that the market agrees on. Revenue/earnings growth projections is where majority of investment money goes. Value sector was dead for 20 years and debt expansion makes people want to buy assets. Derivatives also adds fuel to the fire. It's just the way of the world. Grab a surfboard or drown in an ever more expensive world.