Apart from the good economical explanations other replies have brought up, there's also a link between crypto and Covid-19 via the rise of conspiracy theories.

Apart from the good economical explanations other replies have brought up, there's also a link between crypto and Covid-19 via the rise of conspiracy theories. Crypto is associated with some types of conspiratorial thinking: goldbug libertarians, ramblings about globalist bankers and George Soros, etc. The pandemic gave a boost to conspiracy theories overall, and crypto was a beneficiary.