The rise of the market attracts a lot of people. Many people want to earn money on cryptocurrency and invest in it.
Now many people use cryptocurrency for investment purposes. That is why people prefer to buy a cryptocurrency and hold it.
I think something like this has been going on for a very long time and everyone does it. especially for coins that do have a very good market cap.
On the other hand, hodl for a long period of time, I think, is only for coins that are already in a positive trend and already have a fairly high popularity such as eth and bnb or for example, now the busiest one is cardano.