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As someone who recalls it rather well, in my opinion there overall psychology and "feel" is remarkably similar with cryptocurrencies in recent times as it was with internet stocks back in 1999.

Back then, anything even remotely associated with the internet saw its share price go to the moon. Even totally unrelated businesses, such as junior mining companies, worked out that they could make their share price go up 20 fold simply by adding ".com" to the company name and more than a few did exactly that.

Then there were those who were going to make a fortune selling things online - and no it wasn't Amazon or even eBay at the time but rather, really niche stuff. Probably the most infamous example being dog food - yep, ordinary dog food that you can buy in any supermarket. A fortune was made and lost on it though.

The harsh reality is that whilst there was certainly a long term future in the internet, there was no future in many of those businesses which weren't simply failing to make a profit but in plenty of cases didn't even have any income at all. No real business was taking place, such that no amount of growth would ever make it profitable as there simply was no actual business, but the company was valued at $ millions or even $ billions. Amazing.

The frenzy with cryptos with even those not intended to be serious becoming highly valued along with the high levels of interest from the general public is all eerily familiar. Biggest standout of the lot is people quitting their normal jobs to make money trading - that's exactly what happened back in 1999, exactly the same there.

Comparing cryptos with the bubble in internet stocks, it's akin to watching someone do a perfect cover version of a song you've heard countless times from the original artist. Exact same lyrics and it's the same song just a different band doing it.