It is a textbook example of a speculative bubble. Shiller's book Irrational Exuberance is a great exposition on the topic. Almost every criterion he cites is sa

It is a textbook example of a speculative bubble. Shiller's book Irrational Exuberance is a great exposition on the topic. Almost every criterion he cites is satisfied: dramatic price increases, "new era" stories, mass media coverage, and stories of overnight millionaires. The only thing missing is lowered lending standards. This doesn't mean the price will go down though, it is notoriously difficult to predict when a bubble will pop and hazardous to bet against financially.