There is quite a bit of research on it and a good argument as to why central banks should not issue cryptocurrencies, but should issue electronic money. I would recommend reading https://research.stlouisfed.org/publications/review/2018/02/13/the-case-for-central-bank-electronic-money-and-the-non-case-for-central-bank-cryptocurrencies/
Nothing about cryptocurrencies is surprising to me. Indeed, the separate parts have been in use, in some cases, for hundreds of years. Bitcoin is a clever combination of things that have long existed. The other cryptocurrencies, such as Etherium, also offer self-executing contracts. Those are also very old. The simplest that you may physically see are sight drafts, which are common in the southeastern United States. It is a draft printed on an envelope and is payable only when the envelope contains a properly executed document.
There is nothing surprising to me about how cryptocurrencies are behaving, but they cannot continue like this and they won't. You should read "Good Money," by George Selgin, who writes about the creation of private money in Britain by button makers to meet an unfilled demand.
What you are seeing is a process by which people learn. If you think this whole process through, you will find that you will not want to participate in this little revolution until supply and demand intersect. By limiting the number of coins the various firms have created artificial scarcity. However, we now have 759 cryptocurrencies and growing. Each one makes the others just a little less valuable. Although there is an argument against a central bank entering the market, if one did, the private money would vanish if the official money could be exchanged at a 1 to 1 rate.
Imagine the impact on Bitcoin prices if the Chinese or British central bank allowed people to walk in the door and exchange their cyptocurrency directly for cash? No trading costs? Think about how easy it would be to pop this bubble. What if Bank of America were to offer one instead of an unknown, small, private company? What if they allowed direct deposits and withdrawals? What if they paid the mining costs to their own computers?
You are looking at the modern version of the South Sea Bubble or the Tulip Bubble. When people are learning and making money, they do funny things.