It's pretty funny watching a market in which the majority of the participants are not commodities or exchange traders and in which the transactions are so small (comparatively speaking) that individual geeks with some early-in money can literally move the market. I think ETH was up $3 in the amount of time it took me to cook and eat dinner. It was up another dollar in the amount of time it took me to make my coffee, and down 50 cents in the time it took me to read this article. You don't see swings like that on Tesla.
I remember in the BTC run up to $1200 in November of 2013. $200 seemed ridiculous, then $300 seemed ridiculous, then it was at $600... BTC is at $1235 right now, and it doesn't seem totally insane that people are buying hashes with such large amounts of currency. And you can actually do something with ETH.
It'll be interesting to see what happens to crypto if interest rates actually return to something resembling sanity. I'm slowly coming to recognize how much stupid market exuberance comes from the fact that simply lending money no longer earns you any capital.