I'd like to think its a real bull market fueled by earnings and not hype.
Perhaps more money flowing down into microcaps as more investors jump in. It doesnt feel anywhere close to 1999-2000 to me yet. Back then - every soccer mom and teenager was buying stocks on hype and with margin and home equity debt. We are no where near that and there is still a ton of money on the sidelines.
Doesnt mean there is no room for a huge correction and doesnt mean its not the top. But if it is the top - has nothing to do with overvaluation or euphoria.