There has really been no big news (real or not) that would get people to enthusiastically rush to buy, thus causing a huge spike in price.
There is certainly upward pressure and optimism which is necessary for that but that is just one part.
I would say that the current upward momentum is due to the upward direction over the past year and the hopes that something big can push it higher. If the price were slowly falling over the past year there would not be this type of optimism. Even at this price.
Although I would love the price to jump to $3,000, I would rather have a solid price of $900-$1200 backed by adoption as opposed to short term speculation. If the price jumped to $3,000-$5,000 most people would be wanting to cash out into fiat at a huge profit. I would even consider doing so at such a high price. But then what do I have...a bunch of lousy fiat. I would rather have a solid decentralized cryptocurrency that I can spend in more places than being a fiat millionaire.
There is certainly upward pressure and optimism which is necessary for that but that is just one part.
I would say that the current upward momentum is due to the upward direction over the past year and the hopes that something big can push it higher. If the price were slowly falling over the past year there would not be this type of optimism. Even at this price.
Although I would love the price to jump to $3,000, I would rather have a solid price of $900-$1200 backed by adoption as opposed to short term speculation. If the price jumped to $3,000-$5,000 most people would be wanting to cash out into fiat at a huge profit. I would even consider doing so at such a high price. But then what do I have...a bunch of lousy fiat. I would rather have a solid decentralized cryptocurrency that I can spend in more places than being a fiat millionaire.
Markets do not work like the way you are wishing them to work.
Sure it would be nice to experience a nice gradual price rise, but markets are violent, and we cannot change that aspect of speculation in such a bitcoin market that has already been created (and allows for a lot of crazy speculation, in both directions, as you already indicated).