FOMO is alive and well in cryptocurrency, with less-known tokens outperforming again after recent rallies held by Ether and Bitcoin industry leaders.

Cardano, now the third-largest cryptocurrency, has seen its value double in this month. Binance Coin is also up. A token named Avalanche has tripled in August. Prices for digital photos with laser eyes on rocks and cartoons of cute animals are exploding, sometimes even quadrupling within days.

Analysts and investors aren’t sure what is driving this frenzy. Some believe that speculators are shifting away from the mainstays to more exciting offshoots. This is often what happens after large runs. Others see a world that is flooded with cash and at ultra-low rates which eventually pushes investors towards ever-wonkier assets.

Yoni Assia is the founder and chief executive at eToro. He said that you can see the excitement in crypto in the industry’s numbers, regardless of whether they are looking at growth or total volumes.

Assia refers to it as a “generational buying moment” and cites a confluence a number of events including rock-bottom interest rates around the world as well as huge fiscal stimulus efforts that provided checks to many people during this pandemic.

Some of the money was used to purchase cryptocurrencies and other related assets such as stocks of digital miners. According to The Harris Poll for Yahoo Finance, 15% of Americans who received their first two stimulus checks made investments with part or all of that money. About half of these individuals invested in cryptocurrency, according to a survey of over 1,000 adults.

Inflation has also materialized as economies reopen. This plays into warnings by crypto-faithfuls about upcoming hyperinflation. Assia stated that all of this is ‘leading many people to look for different types of investments’.

A survey conducted by eToro revealed that nearly 25% of the 6,000 respondents own crypto. This number rises to almost 50% for the younger group. The average investor is expected to increase their crypto allocation over the next few months, and there is significant interest in altcoins and alternatives to Bitcoin and Ether.

The number of downloads for crypto trading apps is increasing – Coinbase Global was ranked 11th in Apple’s iPhone app downloads according to App Annie (a mobile data and analytics provider). .

It was 23rd in its category for August. The ranks have been climbed by digital exchanges Voyager, Kraken and Crypto.com.