Ask HN: Booking Holdings Inc is valued higher than before the pandemic. But why?

In late 2019, Booking Holdings (who run the popular booking dot com website) had a market capitalization of about $85 Billion. At that time nobody knew that a virus would lock down the world and make the travel industry grind to a halt.

Now we are somewhere in the middle of the pandemic. Travel was down to something like 30% in 2020 and bookings are still down to less then 50% this year.

Yet, Booking Holdings now has a market cap of about $95 Billion.

What is the reason? Shouldn't it be down a significant percentage? Say 20%? But it is more then 10% up. Did the Dollar lose 30% of its value? Or is something else at play here?