I personally think we're still far from bubble territory & agree that crypto can't really be compared with stocks since this would be saying like fiat currency is a bubble even though it inflates overtime. Of course, the ICO market will probably be what causes the next long bear run like what happened with alt-coins around 2013-2015 until enough crap fades away then more cream rises to the top. That's why I also think bubble economics will probably subside in crypto-currencies whenever their prices stabilize to the point where post bubble ICO's deliver more steady returns with, hopefully, much better products which serve larger numbers of people.