Coins are different from the stock market in that there is a projected future cash flow from ownership in shares of companies. Coins are purely a speculative vehicle and thus "corrections" that occur when a stock crashes due to its price way exceeding the fundamental value of the company can not happen in this market. If people truely "believe" that CAT is worth any amount, it will be worth that amount here, there is no cash flow to be concerned about, it's just pure supply demand. Thus "manipulations" don't always lead to a "correction" since once the price goes up, if most people accept that price as the new "correct" price then it is in fact the correct price and there is nothing that they can prove them otherwise. Added to the fact that all these coins have super low market caps and a lot of whales moving in and out and playing the daytrading game means that you can't confidently say price reflect market sentiment even. It's what makes coin investing so risky and fun as well as lucrative.

tl;dr Coins have no cash flows attached to them, thus price doesn't tell you anything about the "value" of the coin at any given time.