Crypto-rollercoaster? I hardly know her! </s> So what do you think the reasons are for this massive bull run / bubble? If it's the (Chinese) upper class willing to invest (which has been posited here before IIRC), I doubt it'll evaporate overnight.
The herd. Coinbase has been the most popular free app now for a few days. These people aren't even trading bitcoin, they are trading ownership on a traditional database. So funny. Not saying it won't go far higher, but this is euphoria. More money sloshing around crypto. This thing is for real. The herd has arrived.
There feeling now is similar to how I remember the time just before the 2013 ~$1200 peak and crash. All kinds of people upset about hourly volatility, not even having a week long memory of price moves. And this kind of stuff being upvoted https://www.reddit.com/r/Bitcoin/comments/7ioauh/today_i_quit_my_job_thank_you_btc/
https://www.reuters.com/article/us-bitcoin-futures-contracts/cboe-cme-to-launch-bitcoin-futures-contracts-idUSKBN1E10KC Them there Winklevii are getting their futures contracts. It ain't just nerds anymore, it's bloomberg terminals. So instead of nerds willing to put up with Coinbase, it's business majors and eTrade twits. I've talked to two people who dumped out of BTC in the past 24 hours. One told me he'd been unable to sleep for two days because he knew when the bottom came out, it would just rip. It's down a thousand dollars in the past hour.