... But it doesn't really add up, as for most of 2018 the price was free falling and the enthusiasm couldn't be too high. Also, we didn't see any significant increase with the 2021 pump.
Any theories?
My personal theory is that the average person who discovered Bitcoin during the famous 2017 bullrun became excited and decided to participate here on the forum, later when the price started to go downhill that same people started to panic and vent around here.
Those who did not find this forum during the bull run eventually did during the price dump, searching for an explanation, consolation and even advice from the most veteran holders, who were here around that time too.
The most recent bullrun did not catch as much attention as that back in 2017, since there are more place on internet to discuss about Bitcoin, added to the fact people were also trying to speculate with other assets like Gold, Gamestop stocks, Nokia stocks, silver, etc.
Bitcoin was not the "novelty" it was in the eyes of the new investor years ago. Probably, some of them bought at the top and are still sore to this day, which may not let them to enter the Bitcoin market again.