Also, Crypto in general has gotten quite inflated, due to lack of other investment opportunities in traditional assets, especially since the Pandemic has made a bunch of people somewhat nervous about profit-opportunities going forward. And in general there was sort of a glut of "good investments" being made even before the pandemic, with investors putting their money into increasingly stupid projects, such as WeWork and other start-ups. Since people didn't have a good place to park their money, in a way that wouldn't expose them to emormous risk themselves, they ended up backing crypto, after seeing a bunch of complete hucksters ride that wave and get off at the right moment. Thus, everyone with excess capital ended up placing that capital in some kind of crypto, which pumped the price even further. obviously that shit is unsustainable as fuck, as the recent tumbles have shown.