But a lot of people also think that the price indicates the status of the crypto space, but thats not the case. The market price is a reflection of the market, not the technology.
Demand and supply are the two major determinants of the market price. The price is not a reflection of the technology, but public sentiments towards is at that time. During a bull run, most investors are optimistic, creating FOMO. During a bearish trend, negativity sets in.
The argument is that eventually, the technology would be wide spread and evident, and bitcoin would achieve it's 'potential' value, and I am in support of that.