What fundamentals?  I consider the fundamental price to be the amount of value that needs to be stored for a few days in the (buy @ exchange > sit in wallet a few days > buy goods > merchant sells @ exchange) cycle.  That will raise the price considerably if BC becomes much more widely adopted.

But I don't think we're there yet.  The vast majority of the current price is speculation.

I believe some e-currency will eventually become extremely popular, but it might not be BitCoin.  The deflationary nature makes it very prone to fluctuating value due to speculation, and that (along with the "damned early adopters" effect) might be enough to drive the mass market to another currency (perhaps another cryptocurrency which hasn't been invented yet) which they think will be a safer store of value.