Bitcoin is overvalued now. That is why many people are looking for a new and prospective for investment projects to invest money in them and earn the maximum profit from investment.
It is much more profitable it invest in new projects that appear on the market than invest in Bitcoin. But it is very risky.
I agree that Bitcoin is now overvalued. But Bitcoin is more stable and many people prefer stability.
That is why for many people it is more important to have more stability than more profit.