Bitcoin is a commodity and the majority of the tokens are held by relatively few people. When market forces execute a pump & dump strategy, the price of the commodity rises rapidly before plunging.
The strategy doesn't always work and can be a form of fraud, but when there are enough unsophisticated investors buy into the get-rich-quick sparkly thing, looting becomes a lot easier.
Since reaching the price of US$16,000 for a single token, I've seen people who've never invested in anything trying to buy in while the cryptocurrency is on the ascent. Maybe they heard people like Max Keiser shouting loudly about how it's going to go to $100,000. Maybe they caved in to people who were gloating over those who hadn't already bought into the mania.
People who trade in cryptocurrency, or any other commodity, for the sole purpose of capital gains are not really investing - they're gambling. If you don't agree, then it's worth considering that you may have been indoctrinated by Wall Street, because it's no different from what they do.
If you think that it's going to make everyone who's in the market rich, you're wrong. There will be winners and there will be losers, just like any other casino. Please consider that before buying into Bitcoin while the price is low.
If you want to do it as a form of entertainment, please gamble responsibly.