If you find the stock markets around the world. All of them are now at their record levels and definitely are expensive. Adding uncertainty make the investors to cautious in investing in stocks and hence the wild wind towards cryptos. If you watch closely, there are lot of investors who are uncertain about bitcoins in the past had been investing now only.
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I understand where you coming from, but I disagree.
IMHO, this is because the foundation BTC created get more stable, more cryptos around with a better story than just a coin. BTC also more stable as a currency etc etc etc. The risks are now manageable, whereas a couple of years ago BTC could still be binned, now with all the new realities, it looks BTC has a real future. Interesting fact is that BTC has a lot of drawbacks, newer coins have much better technology and will be more useful for commercial services, payment systems etc but the investments goes into BTC.....Why? Because it is the most stable coin, it is by far the largest market cap, it is the most well know, it is the coin the media talks about. Any investor is always looking for maximising profit whilst de-risking their investments, ie keep it somehow under control. Only the SF type of investors and some in the banking system are going for RISK only, and some or more fall down so hard they even end up in jail.
I agree with the development stuff and all others had gained trust globally for BTC.