It is a mistake to look at bitcoin through financial lenses. Bitcoin is a technology representing the blockchain underneath it. While there are some problems with the bitcoin platform, there are also solutions being worked on. It is the oldest and longest chain with the most development on it. There are more businesses built on bitcoin so far than any other blockchain.
Whether the answers are lightning, plasma, or sidechains, bitcoin will solve their issues. And there will come a day where interoperability is arrived at which, I presume, will lift the value of all blockchains.
So no Bitcoin is not in a bubble...it is only at the beginning of the S curve.
RE: Which one is the bubble? Bitcoin or the dollar