That's 100% ethereum having huge scaling problems so quickly, which is a testament to the hype of people crowding to get in.
On the other hand it is so expensive to do any computations it makes 0 cents when there are other cheaper alternatives if you really needed it.
But more demand for ether means more will be sold faster, you can't factor out velocity.
I never fomo if I need some ether at some point, I will get some. It's like this: if I live in Europe I hold euros and I hardly am bothered with what's happening to the Serbian Dinar... on the other hand if I'm holding Serbian Dinars and need those I wouldn't bother too much with what is going on with United States Dollars.
On the other hand. If someone is investing then you want to be interested in the popularity and speed at which it is spreading. Is it useful or not is another question that only years later can we look back and say "that was a worthy investment, the world is using this now"
The ethereum crowd proved what can be done valuation wise with incessant marketing. that's for sure.