As pooya said, you have around half of the entire market cap being made up of mostly shitcoins. Of course there are gems of projects out there but there is pretty much nothing that can compete with bitcoin when it comes to actual merchant acceptance.

Is it a bubble? Short term i'd say yes but in the lnog term you'll realise that these figures are actually quite cheap.

Just because people aren't using BTC now as much, doesn't mean they won't in future. The fact that the price has been pumped means that people realise the potential of this.