And yes... FIAT is the biggest bubble there is.
you talk of adoption but why would anyone adopt "ethereum"? there is no usage for it apart from investing in its tokens and investors don't care about something centralized and buggy and highly volatile with no usage. in other words the "adoption" of this coin is mostly an illusion.
besides to see the bubble you only need to look at the price of it in long term. look at the charts and you will see the bubble right there. when price went up too fast in a pump and you can even see the bubble run out of air as it is bursting slowly and ETH losing its value slowly but surely.