I think it's a continue pump and dump, and after a altcoin dump, investors are going back to BTC.
With DeFi market soaring higher, people will be more inclined to make their profits when it is readily available and we will see people coming back into the bitcoin market once the hype is over. The amount of money these projects are accumulating is really high and people will take advantage of these situation.
It is still soaring with billions being locked, but we all know that one, this is just pure hype two, many noobs investors are going to get rekt when it collapses, three many are complaining now because of the excessive transaction fees. So it is just a matter of time before they realised that bitcoin is the only investment worth in the next years. And once they realised that, we will see a massive spike on the price again and could reach $16k.