Blockchains have a 3-way mechanism of value, security and adoption, which are also strongly tied to network effects. The value somewhat follows the square of th

Blockchains have a 3-way mechanism of value, security and adoption, which are also strongly tied to network effects. The value somewhat follows the square of the number of users. That's why the strongest will get stronger, in value, security and adoption. Obviously the market value is based on speculation which tries to predict the future development, and is also strongly affected by the current mood of the markets. That's why there has been a constant increase in value and in addition cyclical 'bubbles'. Currently it seems that the market is starting an another 'bubble cycle'. There isn't enough users and security for all blockchains to be valuable.