As bitcoin prices break the all-time high record, a recurring theme - even among the crypto-cardiacs - is a valuation has entered the bubble region. This is an understandable concern. Before the hardfork show, digital coins had slipped under $ 2,000. Within about two months, bitcoin has jumped more than 125% in the digital market.
In other markets, the fear of unsustainable bubbles will be justified. However, bitcoins operate with different standards. While traditional financial indices have seen their market capitalization rate stagnate for several years, the bitcoin market share in contrast continues to move higher. Thus, applying the usual "bubble" definition does not make sense when it comes to bitcoin prices.
This point is further illustrated when we compare cryptography with the S & P 500 index. While the mainstream media rant about its durability and endurance, few would label the stock market as a bubble. However, actual data indicate that this is a benchmark index that should be feared as an unsustainable assessment.
Let's take a look at the S & P 500 market share: 
Between December 2013 and June 2017, S & P's market share increased by almost 25%, while the market share of the valuation ratio index has fallen by almost 5%.
This shows that the market value of the S & P 500 has exceeded its basic value.
Now let's take a look at the bitcoin market cap graph:
Between December 2013 and June 2017, bitcoin market share rocketed a whopping 350%. At the same time, the bitcoin market share against the price valuation ratio increased almost 37%.
This shows the alignment of the path between the bitcoin market value and its basic value.
It's also important to note that while bitcoin market share jumped 350%, bitcoin prices enjoyed a 229% gain in the same timeframe. Yes, the speculative spirit is strong in the cryptocurrency market, but the dynamics of trading have pushed valuations to the same level. Therefore, bitcoin keeps pushing higher to $ 5,000 and so on is not at all a question.