I keep saying maybe this is what the dotcom boom was like, but I don't really know as I was only 16/17 when that happened.
I was in my early twenties during the era of the tech bust bear market and had about $20k invested. To answer the implied question above, YES, this is what the dotcom boom/bubble was like, with a couple minor differences.
Similarities:-Inexperienced investors getting the biggest gains buying whatever is in the news or doing "trades" - for several years
-PE ratios above 50, in the hundreds, or negative
-Criticism from entrenched value investors / index investors, offset by years of value underperformance
-Analysts capitulate on values, go ahead and recommend tech stocks because they get fired for underperformance
-Explanations that a different set of reasons apply to certain companies, e.g. earnings don't matter, must put a price on growth expectations, etc.
-Media attention focused on specific tech companies, rather than indexes or the context
-FOMO and years of watching other people make money pulls small or inexperienced investors into risky positions
-Expressions of pure certainty and long-term conviction while stocks go up: "I'm going to hold Yahoo/Tesla for at least the next 20 years." Never a "sell" price.
-A gambling / humblebrag culture evolves on forums/social media, increasing FOMO
Differences:-The companies are much bigger.
-Many of the established tech companies are profitable, but then again so were Microsoft, Cisco, and IBM in 1999.
-The rationale now is great products, whereas back then it was more about guessing how big they would be in the future and the lotto ticket aspect of it.
-Cryptocurrencies didn't exist as a large portion of speculators' portfolios. Startups without any sales took that role.
-Back then, most companies had one focus product. Now, they try to be tech conglomerates.
-Back then, companies went public earlier rather than relying on VC until they were well established.
-Back then, some tech investors tried to rationalize prices. Today the attitude seems to be "look at the history, this stock/crypto is going to moon".
Reading some of the histories from that timeframe can help alleviate the FOMO, but also help you keep in mind that these sorts of imbalances can persist for years.