Yes, it falls to the category of a bubble. But it shouldn't be compare to the tulip mania of the 17th century (which we heard a lot of analogy defining bitcoin as a bubble). For one bitcoin is limited and scarce, 21 millions in circulation. However, those other bubbles in history is not. Second, we can call that the bubble has been burst, but then later on another bubble will form, so its going to be cyclical.