This particular factor has helped popular cryptocurrencies like BTC soar over the years and this fact won't change in the future either, but it is a minor contributor in my opinion.
The major contributors in this context are supply and demand, government regulations etc.
it has really helped me in times like this when fiat is losing its value.
I disagree. FIAT will never lose its value. These currencies are more reliable and less volatile when compared to cryptocurrencies like BTC etc.