Admittedly there are more losses than advancers hence the bears would sell spikes whether it be a 10-20% move from current lows ; as it has been pretty rare to see prolonged gains at current markets. Everything somehow just finds a seller after a pump.
"Right now, pricing of these assets is effectively a beauty contest based primarily on branding. But predicting the whims of the crowd is notoriously difficult. Consequently, it makes more sense to buy things with strong fundamentals such that, as the scalability and on-ramp barriers are lifted, they become so good that the market can no longer ignore them."