Not dead, but rather massively overvalued at the moment.
This thing should drop to sub 2 usd soon.
As long as Ripple can be >25 billion, Bcash>30 and Ethereum > 60, 11 billion for IOTA seems totally fine to me.
*edit. yes, I believe we are in a massive altcoin bubble at the moment but I still see a lot of upwards potential for Bitcoin.