Lots of people are probably thinking, why are cryptos going up? I have a theory and I'll tell you. In order to understand the situation, lets start from last summer.
Where it begun
Last summer we saw what we could call the rise time of the altcoin. Various different alternative currencies were going up they saw growth faster than ever before. This along with the rise of bitcoin caused a lot of interest among the laypeople. It didn't last very long, until it transfered to Bitcoin. Altocoins started going down and we saw bitcoin going up. People started talking about a bubble, the price of bitcoin was rising faster than we expected.
There were times when bitcoin corrected and people continued saying, "see it is a bubble", but bitcoin didn't care. Why? Well, new people kept on coming and buying it. Many holding multiple bitcoin cashed out. They were playing it smart. What they failed to recognize was that at that point only a very small fraction of people had bought bitcoin (still have). So bitcoin continued to go up.
Now at this point people started to think, hey maybe it won't go down after all. It is defying every prediction. Even those skeptical, me included, started to accept that bitcoin will go up. This sense of false security was also noticed by the media. At the time of writing this, it is hard to find a media worthwhile not talking about cryptocurrency, they are as ecstatic about it as we are.
The media
Well, since the media got in on it, they caused broke the floodgates totally. Now new people who have no f'ing clue about technology are buying up bitcoin. Your hair dresser or barber might've mentioned his amazement about this new thing, probably in some disbelieve of its future, but with a sense of genuine interest. This all happened within the past month or so.
Enter the altcoin comeback
This is when the people who got in on bitcoin 3 months ago, start looking for the next thing that will make them rich. That there, is what is happening now. People are buying anything that might go up, including litecoin, bitcoin cash, bitcoin gold, all...well... things I personally would stay far away from. But hey if it makes you money! And that is what people are thinking currently.
The positive thing is, now we see steem and sbd growing at unforeseen speed. New people are joining steemit and everything is great! Bedside stories and fairy dust!
So what is wrong?
This.
We are closing in on the end of a cycle, unless we can get those who are now buying bitcoin, to realize that there are altcoins and those buying altcoins, continuing buying altcoins. However, what you need to realize is, that there is a line at which the first person with a lot of currency wants to cash out. He or she will start the panic. The downfall will be faster than what we've seen for years. When will this happen? I have no clue. But what you should do is remember don't invest more than you are willing to loose.
To end, I hope to point out I have a lot of money in cryptocurrency currently and nothing would make me happier than to see it go up, but I think now that everyone is euphoric is when the end of the line is actually near. Now that only a few are left to talk about the bubble. You know it will crash when the last of us stop saying it. That is when the bubble usually explodes, when no one expects it.