Definitely bubble algae. You can gently twist it to release it...usually. Have a syphon going near the bubble while doing this in case it does burst. Then you'll end up sucking up most or all spores. Another option is Emerald Crabs. They are known to help out with bubble algae...although I'm not sure how they eat them without the bubble popping and spreading...lol. I have a couple bubbles in my tank that came in from some Caelurpa I purchased to feed my Tang. However, it's never spread beyond the 2 bubbles that I missed before putting the Caelurpa in the tank.