For me this is just a new type of FOMO. If you look at coinmarketcap you will see a lot of coins that are under $1 to get massive gains. It's like people were randomly picking them and pumping them. It's the new trend in crypto, but it wont last long, because most of those coins don't offer anything special. People just think that those coins are cheap and will get to big prices, so they buy them to try to get rich, since they didn't buy bitcoin when it was worth cents as well. Of course those coins have a huge coin supply, and will never get to those prices, but some people don't even know that, because they just buy anything with hopes of getting big profit.

Let's not forget that there are many updates coming to ethereum, and that lightning network transactions were already made on the main net (instant with no fees), so the future is still good for BTC ETH, and other good decentralized coins, and this new mania wont last.