If Bitcoins aren't tied to a conventional currency, how did they get so valuable?
The market consists not only of cryptocurrencies but of many other items that are of some value. If you say that bitcoin is not supported by real money, then where is the proof that any other cryptocurrency is provided with this money and costs exactly as much as there is on the SMS. Where is the proof that for example the world's leading companies and their shares are worth the price that they offer? like Apple or Microsoft? The essence of the market is not to provide something with real money but demand. If a stock or cryptocurrency is needed by buyers, it will cost more if there is no cheaper and not necessarily a reinforcement of assets with gold or real money. The market is driven by supply and demand.