What's that old Wall Street saying? "The market climbs a wall of worry!"

From that perspective, I am totally in agreement with you. We're nowhere close to "irrational exuberance" yet.

The other factor I'd toss into the mix is the fact that the crypto world is working so hard to try to get towards mainstream acceptance and adoption, and we are still SO far from that. Let's look at the scale of things... the total market cap of ALL crypto coins is barely enough to earn a spot in the world's 100 largest corporations. All cryptos = +/-$90bn; Google alone = $500bn+

My point being that cryptos-- as an asset class-- are barely a flyspeck. When the mainstreaming begins in earnest, the inflows of cash will make the current upward price trends look trivial.

Of course, that's just my non-expert opinion; actual results may vary.

Your last graphic, btw, says it all. And probably will continue to say it all till cryptos-- as a concept-- "mature."