I don't think this is anywhere near the bubble that it will eventually become but yes we are in a sort of "bubble" with the Bitcoin hype taking over the news outlets and everyone and their mother using Coinbase now. I started telling my parents about cryptocurrency 4 years ago and it wasn't until this summer that my dad finally started buying anything.
I think a combination of the networking effect of friends telling other friends about their insane profits AND a flood of institutional money is what is driving this price action in the markets.
the hype has had a big effect on the rise , the coins needed a tipping point and the rise of BTC was that , now people are interested in alt coins and as the world begins to discover cryptos the demand will also rise
You have made a very important point that should not be overlooked. The networking effect of friends getting friends into crypto is causing a flood of capital into the markets. Personally, I think the flood is just beginning and more and more people are getting involved. Just over the last two weeks people have been trying to get involved in the markets and due to long financial transaction times from traditional banks into currency exchanges. As more people are aware of the opportunity the growth should occur in tandem.