Bitcoin and other cryprocurrencies have big future potential. Most cryptocurrencies have several advantages over other forms of cash (fiat currencies and gold) - can be transferred w/o a middle man, run by no central authority, a set scarcity (for bitcoin - currently 17 million, no more than 21 million ever to exist), all transactions are recorded in a ledger that is open for all to read... Cryptocurrency also has many disadvantages. Despite the disadvantages many of us believe there is a niche for it. Perhaps 10% of the $17T market currently filled by gold + paper currency. If bitcoin were to attain 10% of this market, then each BTC would attain a value of $100,000 (10%*$17T/17M BTC = $100,000 per BTC). BTC price is rising as more and more people use BTC in place of gold and paper currency. And as speculators do their thing.
100+ alternative cryptocurrencies (altcoins) have been created in the past 5 years. The bitcoin system has existed, grown and survived 8 years. It has gained widespread acceptance - in countries around the world, and across various institutions. So it has a lead over the altcoins.
BTC price, for two years now, has closely followed the exponential growth track of 0.23% per day, and its volatility has settled considerably. This has captured the attention of investors and speculators as well as loyalists.
Up until 6 months ago BTC market value had been >80% of all cryptocurrencies market value. Today it is only 50%. The popular belief is that investors/speculators are being convinced that they should diversify some of their their bitcoin holdings into altcoins - just in case some cryptocurrency other than bitcoin becomes the winner - should there be a winner...
Perhaps the most important recent event boosting BTC price has been that the Japanese government, starting in April 2017, now considers bitcoin to be legal tender.
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