That kinda smells pump and dump like to me. Lest we forget, the end of the previous bull runs in 2013 and 2017 wiped out some people that made bad investment decisions (and there's no guarantee another black swan event won't happen again in the future). Not to mention, whenever there is news of someone losing their wallet keys, Bitcoiners breathe a sigh of relief, knowing that that's one more person that has to permanently HODL. Gross.
Yes agreed. Though I would add that this is a paradigm shifting technology, so there may be something substantive underlying all of this Bitcoin hype.
As for crypto as a whole, Ethereum has real world use cases, like stablecoins and NFTs, and an extensive multi-pronged development effort to expand its capabilities, in particular scalability, that cannot be dismissed as mere hype.
Just on the basis of fee revenue alone, and the assumption that this turns into income for ETH holders once the platform switches to Proof-of-Stake, Ethereum's current valuation can be justified with only the assumption that its price-earnings multiple will match that of relatively mature and low-growth industries like electronics.
Adding to this, unlike Satoshi Nakamoto, which I believe to be the alias for a team and not a single person, Vitalik Buterin at least is not shrouded in mystery and is out in the open. I'll give credit where credit's due. He's pretty upfront about his pet projects.
I don't share your enthusiasm for stablecoins and especially NFTs, though that's an entirely different can of worms.
For now, I'm happy to see where this all goes as I watch from the sidelines and not capitulate to FOMO. Yet so far, I can't help but feel that the market effects surrounding the ETH network is nothing but grifts and rich-on-paper showboating. Plus, my God those gas fees...