I tend to see it similar to the dotcom bubble where valuations and market caps went up exponentially and then back down because investors could bot provide a value other than the price at which they were matching sellers with buyers. Those days, Amazon had negativr cash flows and net income which have traditionally been the method to value stocks. However, visionaries started to out models together to create valuations for them and hit a home run by investing in them. The same is happening in crypto today and those that are able to visualize the value creation (which I think is based on the infamous “network effects”) will be winners no matter where they are at today in the spectrum.

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