The time of speculative trading will never end. In the stock market, all stocks also have a significant speculative price component. We can say that the market is not perfect, and market prices almost never correspond to the base price of an asset.
In crypto, most assets have only a speculative component. That is, in fundamentally, these assets are worth nothing.
Yes, the market is not perfect, today cryptocurrencies are almost entirely based on speculation, they are not controlled by any bank.