Still kinda funny that we're getting an influx of stablecoins just about when Bitcoins stabilizes at MR=MC.
Actually amidst all the woe-is-BTC the attenuated oscillation of the BTC-USD exchange rate over the last ten months is quite remarkable to follow. Like watching a skipping stone finally level out at the waterline. 
First, the market (volume, volatility) peaked around the time the first regulated futures markets emerged. Second, of @DiarNewsletter is to be believed, the first mining operations are hitting zero profit (at retail electricity costs), so rents come from tech, scale or location.
So hypothesis #1: traditional micro with open entry and standard rent drivers (Marx, Ricardo, Schumpeter) holds up pretty well, or hypothesis #2: prices are propped up by miners as soon as the go underwater. These two hypotheses are not mutually exclusive.
And of course hypothesis #3: secondary markets take out the speculative "to the moon" element and facilitate price finding. Corollary: Bitcoin isn't a "cryptocurrency" but a payment system with proprietary exchange token, catering to a demographic which values its feature set.
