They sure are. That absolutely does not mean there is not a bubble. .com bubble, no one argued that the internet was going to explode in market cap in the future. All the dumb money flowing to any .com startup and their mom caused a bubble, which popped and allowed the leaders with good tech to prevail. All the vapor ware will vanish given time.

Duh the market caps of cryptos will grow, there will still be a bubble.