It is called cryptocurrency and it is a currency first and a commodity second.
Also so far nothing has changed about things that affect the price and production cost is still not among them. The adoption is the main reason and the main defining factor for the "bounds to what price can do".
Actually cryptocurrency acts like all of these things:
- Creation cost is the bond price.
- Market price is the stock price.
- The storage and transfer capacity is the currency use.
The combined reality is cryptocurrency as a commodity.
Again production/creation aka mining cost is not determining the price of any cryptocurrency least of which bitcoin. You seriously have to read more about Proof of Work algorithm and specifically the part about difficulty adjustment and also you have to compare the amount of coins miners have in total versus the total market volume.
And again bitcoin is a currency (I don't talk about cryptocurrency in general) and a currency can be used as a commodity but its nature won't change because of that usage.