I think the adage perception is reality applies to some of these valuations. Some buy a crypto thinking he/she owns a piece of the blockchain like a stock for a company. Others the token provides a utility for said platform.
The beauty of this whole sector is even in it's infancy, you can be fundamentally wrong and still come out ahead investing wise. The crypto universe definitely isn't a tulip bulb like some like to argue. Computers aren't going anywhere. On a side note, that Mexican Aztec calendar coin is one of my favorites.