Subject being blockchain, I'm pretty sure Ethereum, Augur & MakerDAO are ones of those few rare under-valuated assets. Disclosure: I might own a few coins of each.
this is tulip mania. at least when a stock price shoots up over news, that company is (generally) backed by revenue. a sales channel. assets. something. anything.
a cryptographic signature is only worth something if a group of people all agree it is worth something.
before someone makes the fiat argument -- the USD is worth something because there are a lot of bullets and bombs behind it.
USD is now viewed as obligations of the Government of the United States which gets its revenue from taxing its economy (a function of GDP) and is secured by the bullets and bombs parent writes about.
I think you meant "backed" by gold?
It is also priced/valued against other major sovereign currencies like the euro, renminbi, yen, aud with enough spread for profitable arbitrage across exchanges when trading hours overlap for Sydney, Hong Kong, Beijing, Mumbai, Frankfurt, London and New York.
It also means cryptocurrencies will be bid up in the short to medium term without regard to their fundamentals. Best of luck with your coins.