If you're supposed to buy low, why isn't everyone investing in cryptocurrencies right now?

On the same line as Kai Boon, from what I read, it seems that for crypto to work, it needs to really stabalise and be legitmised as a form of currency. It's volatile price swings, lack of correlation and high speculation may actually cause it to be less valuable in the long run. I believe that the stronger the legitimacy, the higher the chance that crypto's value will go up.

Another form of crypto that you might be interested in is asset backed tokens. This move to peg certain forms of crypto to assets are a way for the tokens to have some value, and avoid the fluctuations and speculation that surrounds it. When finding the value of such tokens, you would be looking at the underlying assets instead.

I would say that "low price" for any asset can only be determined if the asset is selling below its intrinsic value. In this case, a low price asset would be one that is selling below its discounted cashflow, based on traditional finance valuation methodology. In the case of cryptocurrencies, there is no inherent cashflow associated with it. This makes it hard to determine what is a fair value of the asset, let alone to conclude that it is low and good to enter.

Some may argue cryptocurrency is going to replace fiat currency and thus "the sky is the limit". But I would caution against holding such a thesis. The simple reason is because fiat currency has some real value since it is backed by the trust and gurantee of the government who in turn holds asset. Cryptocurrency on the other hand, has no real backing. Rather, cryptocurrency relies on individuals trusting that the network will not fail them and that players would adhere to the rules in the shared ledger. There is no gurantee nor assets underlying cryptocurrency that makes the argument a flawed one.