It’s hard to believe that bitcoin and other cryptocurrencies were flirting with all-time highs about a year ago. Today’s scenery is less exuberant; bitcoin’s price has fallen below $20,000 and maintained its current price range since mid-June.

Going forward, crypto participants should ask now how they can better understand the market, James Butterfill, head of research at CoinShares said during a public call on Wednesday. “This is very much an emerging asset class and bitcoin is an emerging store of value.”