Bitcoin has been among the most fascinating tradable assets to watch over the last year. From reaching dazzling new heights to its most recent tumble to fresh one-year lows, the cryptocurrency market has been nothing short of exciting when attempting to characterize its volatile ebb and flow.
Amid the growing chorus of enthusiasts, activists and investors calling for greater adoption — and more importantly, the launch of new financial instruments designed to give the budding new asset class greater exposure — Bitcoin prices have become a bellwether for the market. While still difficult to nail down an exact characterization of cryptocurrency and how it fits within the modern financial paradigm — whether a currency, digital asset or a commodity — by evaluating the price action in the context of its more established analogues, it becomes apparent that Bitcoin and its peers have reached significant milestones.