in fact i think that bitcoin gain it value from itself and its features, this is a relatively unseen technology that suggest new ways to do things, basically it will benefits from continious boost that will allow it to follow a certain pattern and eventually this will stop being called hype.
It can be true, anyway it's not possible to measure how much this value is, it's very subjective and will always vary from times to times. Thinking this way, when btc price rises it's because its features are being exalted and praised by investors (technology of the future, easy to deal with, decentralized...), but when the price falls, it's because bitcoin features are being criticized and blamed (scalability issue, expensive transactions, high volatility...).
Actually, the fluctuations in price aren't always about bitcoin features. I think speculation and hype still play a big role in crypto currency market. Sometimes without apparent reason btc price changes a lot and it's hard to find convincing explanations to justify that (besides speculation, of course).