Lots of people started exploring therefore investing in crypto. Lots of good projects came to live, lots of terrible abominations too. But still, the people are interested in the tech. Most of the newcomers have hardly any knowledge on the topic. So the current red theme in the market is based on speculation and safe betting
Unfortunately for any newcomers that invested in crypto last year during the highs, they're probably not ever going to invest any money ever again. All they know is they bought Bitcoin at almost $20k and now it's only worth a bit over $7k. This is probably part of the reason the market is still in a slump is my guess.