I'm of a similar mind. Unless these alts are doing things I don't understand, I think most of the recent gains are fuelled by speculators who don't comprehend that bitcoin's first mover advantage and network effect are it's big drawcards.
I think it's lots of small speculators, each hoping to see a penny coin go to the moon. Unless I'm missing something, I think we're going to see a lot of burst bubbles, followed by broad criticism of crypto as a concept.
Bubbles will definitely occur look at most ICOs for example developers are building products concepts and sell tokens on the concept, I mean these bubbles are needed all of us at this space of cryptos are the pioneers so we will take the hit and our losses or gains will pave way for more mature adoption of the block chain technology,all said and done one thing is for sure , the wonderful work of collective human wisdom without INTERFERENCE of the governments.