No I don't think it has exploded just as yet. When the super-bubble really explodes, only a tiny fraction of altcoins is going to survive. It will be a real bloodshed.
Can we say that the dirt has been cleaned and we can now invest at the right price?
Maybe the dirt has settled for now. I have no idea. Maybe it's safe to invest, maybe it's not. It's anybody's guess. But this is nowhere near the kind of bubble burst I anticipate we are going to witness in the future.
I kind of also expect more of this market, and the bubble I am bracing myself for is much bigger, according to what I learned. Nobody can know for sure.