Because most do not know what theyre investing in and would rather listen to the crowd. What happens then? Prices crash once youve bought into it. Taking a loan or using all your life savings can be hugely risky, especially if you do not have the prerequisite knowledge on the tech and the coins. Be informed. Ask the right people. Arm yourself with knowledge before jumping on the hype-wagon. This would significantly reduce your risk and most importantly, position you to invest in the long-term fundamentals of the technology.
A lot of people fell for they hype, the hype is what brought so much money into the market and the whales capitalized on that. There are so many people who bought coins without even looking to check what the coins that they are buying are all about. They don't even know what cryptocurrencies are, they just think that the coins will make them millionaires overnight and now they are watching the value of their coins plummet.