Duh. But there's no way it should have gone up by as much as it did, or stayed there as long as it did. There are still units selling for $1100. Used. In 2022. For a depreciation-heavy consumer item that is complete madness.
That's just because you don't understand economics like most people and think that price should reflect some fairly static inherent value, when it actually represents the intersection of the supply and demand curves (where the demand curve went up a lot due to COVID and the supply curve became very price-insensitive). So the price really has nothing to do with the inherent value of the product, aside from how that impacts the price that people are willing to pay.
It's actually the price-insensitivity of demand and/or supply that is the biggest driver of extreme prices. Basic economics is that an increase in demand and/or a decrease in supply will increase the price to the point where demand goes back down enough and/or supply goes up enough to match supply with demand again. Of course, it is a bit more complex in practice because companies have been underpricing their products for a long time to cater to irrational customers who dislike capitalism and prefer shortages over actually being able to order a product.
Anyway, the more price-sensitive buyers and/or suppliers are, the less the price has to go up before supply and demand will meet. If you follow the strategy suggested by some, of buying for any price, you are part of the price-insensitive buyer group and will cause higher prices.
Basically, in a market with mostly fixed supply, the price reflects the point where enough people are priced out of being willing or able to buy the product. With high mining profits, that took a very high price.