I think this is the central problem with cryptos at the moment. Each cryptoasset is underpinned by a distributed app that is there to do a job or solve a problem. But the distributed apps haven’t proven themselves, or if they have they haven’t in a way that makes it obvious how you could start to put a fair value on them or their cryptoasset.
Eg Bitcoin certainly has some success, but it seems to me that its job is “uncensorable payments/money” or something like that, and that’s a use which doesn’t seem to be growing particularly (please correct me if I’m wrong!) That job also got muddied a bit last year as investors bid the price up and everyone stopped using btc to buy pizzas.
Eg Ethereum’s job is “you can make your own distributed apps”, but again it’s a bit unclear what value those distributed apps have yet.
So buying cryptos ends up feeling and looking more like speculating or betting than investing at the moment. Of course, this could well all change in time, and massively. Just feels like they’re not there yet.