I think it’s partly speculation, but I also think that there’s some value in certain projects. Cryptocurrencies are built on blockchains and blockchains are invaluable pieces of technology. Various cryptos provide some type of value by utilizing the blockchain. The question of how valuable cryptocurrencies are turns on the question of what real-world Problem a given digital asset is trying to solve. Generally, the coins that serve as a means of exchange are fueled on speculation because their claim for value is that they’ll displace fiat (i.e. government-issued) currency. The tokens, on the other hand, I think add much more value because they are built to fill a particular role.