I disagree I think a lot of sectors still have pretty inflated MC on average, sectors like lithium and cobalt on average are pretty expensive with lots of room to fall a lot more in bear market conditions imo. the ASX has much higher MC on company's in a range of sectors than the London or Canadian market.
When you have shells like WFE run up to a 60 million MC on speculation and hype alone we may be at the cross roads of a bubble top scenario imo. and should be a cause for concern.
I would say gold stocks are still very cheap and if looking at a bear market with rising gold price will look even more
attractive with lots of upside.