there is definitely a bubble with cryptocurrency market but that isnt necessarily a bad thing. sometimes bubbles help get the ball rolling for projects by attracting users with hype. definitely not a bad thing for bitcoin.
Well, it is not bad for the cryptocurrencies, but it can be for the people who buy them. It leverages humans' natural disposition for gambling.
Regarding what I wrote about market caps, even they are not comparable, as was central theme of some recent article (the whole coin supply cannot be accurately valued based on a subset available to the markets, which can be substantially smaller).