I think crypto is in a speculative bubble so the boom bust behaviour we are observing is not surprising. However the technology paradigm shift is not going away and as enhancements to the ecosystem such as the lightning network start proving themselves we will see increased adoption and consequent price uplift.
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I don't believe so, I don't really think the technology being adopted means price goes up at all. If Bitcoin didn't have so many decimal points then yes, for it to be used more widely the price would need to go up, but it has many decimal places and so it's price certainly doesn't need to go up to be usable.
I agree with @cryptovestor that Bitcoin overall will not sustain these crazy prices long-term as people wake up and realize that these cryptocurrencies are not worth the prices and market capitalization that they currently have.
We could end up looking back in a year or so and asking ourselves what the hell were we thinking lol.