Ofcourse it is. As with most new entrants into a market, marked by over excitement and exuberance. Currently, it's about one person buying a coin, in the hope that another person will buy the same from him/her, at a higher price. Few, if any, are concerned about the different types of coins and their usability. CEO Ripple's Brad in
https://www.rt.com/business/418736-ripple-cryptocurrencies-bitcoin-zero/ says.. “It's not clear what the use case is. It's not clear what the value proposition is. Long-term value will be dictated by the utility of that asset,”
With that said, a time will come, when usability will be of more importance than capital gain. But when?
Let us compare current crypto market to the dot com bubble in mid 90s. That was a $7 trillion market, in 1996. Adjust for inflation to 2018 you're looking at around $11.2 trillion. Total crypto is currently ~$400 billion. So if it pops at about the same point the dot com bubble did, we have roughly 28x to go.
On the flip-side, are the scams. Thieving ICOs, exchanges, hackers et al If $4-5 Million ends up in scams, there needs to be ~$15 Million going into crypto to sustain current economic trend. Possible?
Lest you forget, the Dotcom bubble bursting had little to do with market cap and more to do with, the tech not delivering on unrealistic expectations. People were disillusioned and lost faith! I believe the same will happen with crypto and we will then find solutions, just as we did with the dotcom bubble! But take into consideration Dotcom bubble was about only by one country, the US. Crypto is global . Do the math