The situation was particularly positive in 2017, because of the general market growth, even weak projects made excellent x-s. I do not think that this will happen again, but the growth of the market will be useful to all projects that are actively developing.
I will be pleased even if the growth of the project is due solely to the success of his team. I do not fall in love with speculation.
You are right, the best option is the one in which the capitalization of a project reflects its value and prospects and there is no speculative component in it.