At the moment, the crypto has a capitalization of 200 billion dollars. In general, the whole crypto. I think there is no bubble here, you had better look at the stock market in search of one.
Bubbles come in different sizes. When the cryptocurrency market capitalization was 800 billion, at that time it was too overvalued. Now the market is much stronger and more advanced but the market capitalization is only 200 billion.
I think this is a good number. At the moment, it perfectly shows the realities of the market. It can be said that this is a base estimate without a speculative component.