It can't be the mining craze as it started when altcoins went up a lot. Was it Ethereum? But I don't think that either as Ethereum is a platform for ICOs.
What happened?
In my opinion , In the last of 2016 year we seen many big big sites that ran away and everyone became sure that investment in the sites are ponzi ways to make money and also they are big source to loss own money .
Here i myself lost much money in the investment , So i made a network of the worldwide bitcoiners and everyone was making discussion in the last of year 2016 that everything is scam and better way to make money is trading , so everyone get into trading ( few of them excited because of less profit ) But most of them like me entred in the trading and making much profit , and i think here the same thing also happened with other most Bitcoiners because every successful Bitcoiners is saying that trading is only a way to make money .
So here due to this decision huge amount of the money is flowing in the market of cryptocurrency to make buy of altcoins and making big investment in altcoins field .