How are they using blockchain in order to help their business?  I don't understand the utility or application here.

I agree with the original OP; however, this shouldn't discourage people from investing if your sole purpose is to make money.  If you aren't looking to hold any coins long-term, you can trade off of the momentum and volatility alone and make money.

It's inevitable that it will reach and exceed it at some point in the future. It's also a mental number barrier just like $10K, etc.  Once breached there could be some strong buying at that level.