Im confused how cryptocurrency market works…

Cryptocurrency is supposed to act as the currency of the people, often marketed as an alternative to government-backed money. However, it doesn’t seem to function that way. It feels like the main factors driving a coin’s value are its adoption, practicality, and ease of use in everyday transactions—essentially, what people collectively believe it’s worth. Yet, crypto prices fluctuate wildly, often without any clear pattern or logic. Even meme coins, which have no real utility, experience extreme volatility. And why is Bitcoin always the most expensive, even though it’s slow and inefficient? It processes only about seven transactions per second, while companies like Visa handle around 65,000 per second. Maybe it’s just because Bitcoin was the first and has the strongest brand recognition. Unlike stocks, cryptocurrencies don’t have inherent value based on dividends, earnings, or financial performance—there’s nothing tangible backing them. But the gains and losses in this space are insane. It almost feels like a mix of herd mentality and gambling. Would a gold-backed cryptocurrency that allows for seamless transactions overthrow all other cryptos and even government currencies? If so, why hasn’t it been created yet? I don’t really know—I’m just curious. Please don’t shit on me for ignorant lol Thank you for reading!