The rapid growth of bitcoin over the past week has caused a lot of speculation about the reasons that caused it. One option is the massive demand for bitcoin in Venezuela. Its volume amounted to $130 billion. In comparison with this volume, the other two highest results are frankly small: $ 6 billion in Iran and $ 4.2 billion in Colombia.
There are other hypotheses. For example, there is a version that large investors decided to invest some of their funds in cryptocurrencies as an experiment. After all, the growth of bitcoin began not yesterday, but at the end of the year many investors assess the profitability of their investments. If large financial players invest in bitcoins, this increases confidence and demand for it.
Another reason may be a general increase in the activity of buying or exchanging bitcoins or other cryptocurrencies. Here again the principle works: the greater the demand, the higher the supply. According to this version, the whole thing is in the hype around bitcoin.
There is another version that is relevant, rather, for the US market: some analysts say that the interest and demand for bitcoins and the cryptocurrency market led to Thanksgiving and a holiday weekend, as families gathered and discussed the most important developments and technologies, including bitcoin.