Awesome reply! The recent support and capital that the cryptocurrency market has gained over the past several months is a sign that there is additional interest in cryptocurrency, especially by high value and institutional investers. While some of the coins that have experienced serious gains have gained practicality and passed technical hurtles, very few of the coins have made signficant enough advancements to justify their price increases.
I personally don't consider the cryptocurrency market as a whole a bubble yet, but there are defiantly some major bubbles forming that we will see the consequences of in the upcoming months.
The fact that with most coins the technology has made little improvement while the price has seen major gains leads me to assume that many investors currently just don't want to miss out on the 'next big thing'. I think that there are many cryptocurrencies that are currently drastically over valued,and I think many coins will experience huge loss of value in the upcoming months and years.
Blockchain technology is so valuable, and firms and high level investors are beginning to realize that. The problem is that there currently enough projects that are truly worth what their market cap is. If the amount of money that individuals want to invest drastically outweighs what the projects are currently worth, then we will see many coins hold highly inflated and unsustainable price levels.
I'm sorry if this seems kind of confusing due to my wording!