You can also understand that there is a bubble in the bitcoin market. Indeed, many people think that the valuation of bitcoin is too high. I think the current encryption is very similar to the Internet boom of decades ago, when the Internet was also considered a huge bubble, and I believe the encryption community will emerge in the future a lot of valuable companies.
While I agree that the market of cryptocurrencies can form bubbles that does not necessarily mean that everything is a big bubble and that nothing has value, there are many cryptocurrencies that are going to be essential in the way we understand the future of the world and that are going to be used by everyone and when you take that into account the market cap is very low right now.
I agree, the market cap is so low. Just compare it with the Gold Market that is 7 trillion. I mean, who still is using Gold as a store of value or for transactions? Virtually nobody.
The big bubble is forming but outside the Crypto Market.
Do also some research on the Great Depression and you will find striking similiarities to where we are now. Artificially low interest rates for years, inflated stock market and a recently started trade war.
As I said before. Bitcoin is not the bubble, it is the pin.
To those who claim that the valuation of bitcoin is too high, they have forgotten that its the supply and demand aspect which brings value to the currency, its not like someone is at a company who decided how much each bitcoins should be prized.