Bitcoin is more robust and has more applications and technology associated with it than a year ago. That is all that matters.
This is why it's silly when people confuse the "value" of bitcoin with the "price." The value of Bitcoin as a monetary system is undoubtedly higher than a year ago, and higher than 3 months ago, and higher than last week. The "price" on the other hand, has fallen.
Those who see a price fall and equate it with a fall in Bitcoin's fundamental value will always be missing the boat.
A wise investor figures out how to measure and perceive value, then looks at the price, and if there is a discrepancy he goes long or short. I'm long on Bitcoin. We'll see if I'm a wise investor =)