Remember that the asset is appreciating in US Dollar terms, nott necessarily real terms. What we're seeing is largely a forward-discounting of assets in terms of a devalued US Dollar, IMO. Nott organic increase in real value of the assets - at least nott to the extent of the appreciation in USD terms.
What we are seeing largely, IMO, is the collapse/devaluation of fiat national currencies vis-a-vis other financial and tangible assets. And even against these imaginary cryptocurrencies.
The world bond markets collapse cannot be far away, unless the central banks just keep buying everything for sale. Endlessly.
With the central banks run amok, which they are, there is no longer any stable currency to use as a valuation metric. No one knows what anything is worth anymore. No one knows what is a safe and reliable store of value. Except we all know that it is nott currency-denominated assets like bonds, notes, and commercial paper.