There's a great book on behavior like this, "Extraordinary Popular Delusions and The Madness of Crowds" by Charles MacKay. It was first published in 1841 but feels like it could have been written today. McKay was editor of The Illustrated London News in 1850's.

https://www.amazon.com/gp/product/B081ZD9CL1/ref=dbs_a_def_r...