Newcomers buy new coins to get a quick profit there. Here and now, without waiting. A lot of YouTube channels every day recommends a huge number of coins that will grow at times, almost in a couple of days. Almost every day they find a new "diamond".
Oh dont get me started on those YT shills. They are the worst kind of people, manipulating newbie investors to get into some shitcoin who paid them and then dumping their coins on the newbies. This can be the worst start of trading journey for any newbie, but it was the investor's fault to follow someone else's advice than work on their own.
Therefore, those who do not passed the bear market in 18-19 do not yet know what danger awaits them. Many people think that bitcoin is "boring", that you can't earn a lot of profit on it, maybe it will grow 2-3 times in a couple of years, but many newcomers want everything at once, especially after the news that some rare NFT was sold for millions of dollars.
I know, the thing is that get-rich-quick mentality remains hidden in every investor, only needs to be stoked to life by some random punk on the internet. Bitcoin being "boring" is a common statement that I have also encountered, I tried to explain the opposite using charts, but they seem to have made up their mind. Only after a couple of years, those investors are nowhere to be seen having lost a lot of money on altcoins.
Till now, I can see news reports about people crying and wanting their money back because they got scammed by some shady company. Newbies love new coins because it's still new and they think the potential to earn is bigger than older coins.
There should be some logic behind that last line which I find lacking in people who say this. So these people are essentially gambling on some vaporware without any logic.