The 2017 run-up (and previous years run-ups) were purely speculation based (had no real ties to development, use-cases, active users...), but any future run-ups in the crypto space will likely be quite different than the 2017 one and the ones before and will require actual advances in development, actual real-world use cases, and actual increases in daily active users to cement the validity of each coin beyond purely speculation (which is actually starting to really happen for a select few top-tier coins).
Basically, I don't think the crypto space is dead in any sense of the word but actual valid uses will be needed before the space will be able to explode upwards again like it has in the past.
As an added sidenote many appear to be expecting the crypto market to pump again in Nov/Dec of this year, and then crash again in Q1 of 2019, a mini boom/bust cycle that they are basing on past years trends, although I strongly feel this will not necessarily be the case this time and many people who are banking on it may find themselves potentially missing out due to exiting the market at the wrong time. Because many people believe it, the prices will likely boom in late 2018 and then start to bust in early 2019 BUT it will not continue after that as many expect. Basically the SEC decision on the ICE ETF will likely be delayed for as long as they can BUT will in the end WILL be approved, and this will likely take place in mid Feb of 2019 which if this does take place as I expect, will have a massive positive impact on the crypto prices around this time, in-turn breaking the Q1 bust cycle for that year causing it to go (drastically) up instead of down. For the past 6 months people that were HODLing their crypto have regretted their decision due to the market going down so much, and many of them will "learn" from this and will dump their holdings at the start of 2019 expecting to buy back in during the "expected" dip... but as I said I think those people are going to regret their decision when the exact opposite of what they expect to happen, happens and the price goes the opposite way (up) during this time much sooner then they will expect... AKA this time I think the people that HODL during this period of time are going to be the ones that win, so stay educated and HODL!
Added context: Don't get me wrong the crypto space will likely see a dip starting in Mid Jan 2019 (~23-24 days prior to Chinese New Year as it has for the last several years - https://steemit.com/cryptocurrency/@budz82/coincidence-multi-year-bitcoin-crash-pattern-like-clockwork-btc-has-crashed-25-35-for-4-years-in-a-row-23-24-days-before-chinese) BUT this time the dip will be much shorter than expect, and less then a month after the dip starts it will reverse DRASTICALLY at a time when most people won't be expecting it (mid Feb), so when the next "crypto winter" starts in early 2019, don't fall for the past trends like many people will and stay strong and HODL and I feel you won't be disappointed in your decision like many others that sell out will.
I think you are right about eventually prices will be determined more on fundamentals than purely speculation, but I disagree with how quickly that will happen.
I think we will have another 'everything go up' event when the bitcoin ETF gets approved, even though that should only impact bitcoin.
People will likely try to jump in front of the next coins to possibly get an ETF, coins like ether and a few others will likely see an influx of cash trying to front run an ETF.
That may bleed out into many other coins as well where everything goes up and it feeds on itself.
Agree that real world uses are the key and these are growing all the time. Steemit is a great example.
See my post re great alternatives: https://steemit.com/redpill/@apshamilton/list-of-alternatives-to-facebook-and-google-leaving-the-matrix
Also the terrible behaviour (privacy breaches, censorship etc) of big tech is making more and more people look at decentralised (crypto) alternatives.
Facebook & Google blocking crypto ads dramatically slowed the flow of new people into crypto and prevented projects getting users and funding. This will take time to recover from.
That's why JPB Liberty is enabling everyone in Crypto to claim damages against them by Joining the Class Action against the Crypto Ad Ban.
Its anonymous, no win no fee and you even got bonus tokens for signing up!