Volatility in the market has been increasing since 2018 with higher highs and lower lows. The pandemic may not have been the cause, but simply a trigger for momentum that had been in wait. I think this is considered a melt up when the stock prices go parabolic and reach ATH before crashing into lower lows. This coincides reasonably well with the state of Politics in the US and the volatility is likely to continue as we head into a tumultuous election cycle.