Final answer:
The fossil Archaeopteryx is a transitional species providing significant evidence of the evolutionary link between theropod dinosaurs and birds, demonstrating the common ancestry and phylogenetic relatedness of these groups.
Step-by-step explanation:
The discovery of the fossil Archaeopteryx is significant because it supports the phylogenetic relatedness of birds and reptiles, specifically indicating an evolutionary transition from dinosaurs to birds. This Jurassic period fossil exhibits both reptilian characteristics, such as a jaw with teeth and a long bony tail, as well as avian features including flight feathers, which are distinctive of modern birds.
Archaeopteryx is considered an important piece of evidence for the hypothesis that modern species share a common ancestor, specifically that birds evolved from theropod dinosaurs, which were part of the clade Dinosauria. The presence of flight feathers and other bird-like anatomical structures amidst dinosaurian traits makes Archaeopteryx a pivotal transitional species, strengthening our understanding of evolutionary biology.