Well, there are a couple of other factors at work here.

1. Our beloved idiot of a President has started a trade war with China, after several years of pursuing grossly unreasonable sanctions against Russia. In response, both Russia and China are selling off their dollar reserves and treasury certificates and buying gold instead. Others outside of Russia and China see this and lose confidence in the dollar. This means a lot of capital moving away from the dollar, and that capital must find a home. Some goes into gold, but much of the rest goes into BTC. Note that BTC dominance has risen along with the price; the altcoins are not profiting nearly as much.

1. FOMO - Fear Of Missing Out. People saw BTC rocket up to 20K and they lust passionately for a piece of that action.

Personally, I think there's still a dip coming before the real bull market kicks in. Then again, I'm an English teacher, and a strategic analyst, not a financial analyst. What the hell do I know?