I believe a super-cycle is way overdue, but because of many problems right now it is being held back
for example the bitfinex problem and the blocksize debate that has been gone on for way too long and is still not even anywhere close to solved.
If that were true, then some altcoin with better scalability would've rocketed past bitcoin. Yet here we are, with the total cryptocurrency market cap below bitcoin's all-time high.
The simplest explanation is that the demand just isn't there.