What is confusing is that people are declaring it dead because it can't maintain a constant price after an increase over 1000 times? I really don't understand this. Somebody please tell me how Bitcoin is suffering right now? From what I am seeing it has had great progress. I don't see anything to complain about.
There are several different groups here:
Miners: Hash power lags price, so when the price is rising, miners make money; when it's falling, they're unprofitable. Right now mining is useful to people who want to acquire coins without exchanges, or who just want to support the network. Bitcoin is dead to for-profit miners, and will stay dead unless the price surges again, in which case it'll be profitable briefly.
Speculative investors: A few got in early and aren't about to complain. Most bought in above $10, and they're in the middle of a bloodbath. The ones who say it's dead lost it all; the ones who say it's alive are trying to catch a falling knife. Most will grab too early and get a handful of blade, but a few will get lucky and grab the handle.
Trolls: Bitcoin was stillborn, is dead, was always dead, will always be dead, and anything it ever does is because it's a fucking zombie and we need to shoot it in the head.
Cryptoconsumers (My camp): We want to buy and sell things and don't care much about the exchange rate. For us, Bitcoin is still in its infancy: there are still far too few places accepting it, and volatility is a real drag on acceptance; in my opinion a more stable altchain may eventually win for this reason. But it (Bitcoin proper, and cryptocurrency generally) is still very much alive, and I have no reason to run away.