On a short time frame, there is certainly a lot of market manipulation involved. However, on a longer time frame, in my opinion, it's the growing adoption that increases the fiat valuation. We can see this with all the halvings, where we overshoot as many newcomers come to the market, driven by greed and a desire for more fiat. Then the bubble bursts, and some people dig deeper during this phase to understand that Bitcoin is more than just an asset. As a result, they become convinced Bitcoiners and gradually leave the fiat mindset behind. But like I said that's just the way I see it. I'm a Freedom Maximalist, so I'm happy if other people disagree. As nothing is certain in our world, except 1 BTC = 1 BTC 😁