It’s just the v2 take on the crypto hype. There is no real need for 99.9% of the crypto yet they got value.
I don't know what's going to happen in the future. Eventually the flow of people new to cryptocurrencies will stop. I figure one of three things will happen:
1. Values hold and people treat cryptocurrencies like gold.
2. The market collapses.
3. Somebody finds something useful to do with cryptocurrencies and values appreciate with less volatility.