Hi Steemians, at the time of this post the overall cryptocurrency market cap is close to $800 billion. Reference: https://coinmarketcap.com/
As you can see from the graph above, it had grown more than 4 times from under $200 billion to almost $800 billion as I am typing this post. While we race towards $1 trillion market cap, have you ever wondered if we are in bubble state? My short answer is, no, we are not in a bubble state yet. The market might be overheated a little and in for a correction but I am quite sure there are much room for growth.
Comparison with past bubbles
Many people like to compare the cryptocurrency parabolic move with the dot-com bubble in the early 2000s and even the tulip bubble in the 1630s. Of the 2 bubbles, I think it totally does not make sense to compare cryptocurrencies with tulips. Firstly, tulips on its own has no utility and is only meant for decorative purposes or gifts. How can you compare tulips with Bitcoin or Steem? Cryptocurrencies have many applications in the real world. I will cover more on that in my future posts.
I do think that if we are not careful, the cryptocurrency market may walk the similar path of the dot-com bubble. However, at its peak, the dot-com bubble was worth almost $3 trillion in market cap (http://money.cnn.com/2000/11/09/technology/overview/). In today's terms, it will be about $4.3 trillion in market cap (http://www.usinflationcalculator.com/). With just near to $800 billion, we are still far from it.
So if you ask me if we are in a cryptocurrency bubble? Wake me up when we hit at least $3 trillion market cap :)