The group of certain players trade rares among themselves and pretend to be a market. That's the biggest part of it. Then, as a secondary reason, FOMO buyers just add fuel to the situation.
But stay calm, market has always been going by the rule "Easy come - easy go". Corrections happen. Market is too complex system to stay in people's hands for a longer term. They can, however, intensify short-term moves, for example by the means as I mentioned above.
Everything, ranging from sub-atomic particles to galaxy clusters, has its dynamics predefined. And then there are people claiming that systems like economy, society or other human sub-systems are in our hands.
A girl without freckles is like a night without stars.