Wouldn't cryptos, in essence, rise in value as other fiat currencies decrease in value? Say the US Dollar appreciates in value for any given reason (e.g., changes in monetary policy, wages, etc.), other fiat currencies become less valuable relative to the USD. In the case you've presented, I believe the same cause and effect relationship would apply. If, for example, the US were about to default then you'd probably see money flow into other countries or cryptos, making them more valuable relative to the USD. Some of the craziness and uncertainty going on in the world right now as of late may be driving more interest into alternative investment platforms. Just my opinion.