Bitcoin is not the same at it was in April 2011. There is more infrastructure. The exchanges are more robust (perhaps still not as good as they should be). We've seen large hacks, large thefts, and large scams, and we are better prepared to protect ourselves this time around (perhaps not as prepared as we should be). We've seen a fairly extended period of falling prices that was unable to stop this thing. And, regardless of how some people insist there isn't, there are many more uses for Bitcoin today than there were a year ago. And hopefully the holders of Bitcoin are more diverse.
You make a good point. All this means greater confidence in the market which means more buyers and more money injected into the market. IMO 'confidence' plays a huge part when it comes to investments.
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