On an investment cycle yes, we are at the stage of denial. However on a technology adoption cycle we are heading into the trough of disillusionment which is followed by the slope of enlightenment. During this stage many coins will die, but many new uses for the blockchain and improved voting / proof of work algorithms result in fast, low energy consumption blockchains. It won't take long. Innovation happens so quickly now that we could get over the crash and enter a new paradigm of data management within 12 months.