1. Bitcoin does not have any use case.
This is obviously incorrect, and you didn't bother to mention what the use case for UNI was. Uniswap did fine before they launched their token -- why do people need it?
Only about 10% of the total supply has been released on to the market but its already at #30 on CMC with a nearly $700 million market cap. As these markets are indeed irrational it could go up double from here is my guess, unless the team starts releasing more tokens onto the market.
In few months time, we will know the true strength of UNI in the market. When most of these DeFis are not active anymore. Because I believe we are still in hype so people are attracted to Uni. However, when most of these traders realized that they are trading crap DeFi tokens, they will stop patronizing these projects. And so it is interesting to see if the UNI price will still increase or decrease in the next coming months.