For me I think scarcity play a good role in the value of any one, think about it, scarcity means people are reluctant to sell, they are hold their cons, and that will make the buyers to bid higher to attract the sellers to sell.
Well, although that can be true in some ways, I think that's it can't be used as a rule of thumb, especially when talking and dealing about this market. I mean, the cryptocurrency market is such an unusual kind of market that doesn't play by the normal rules and standards of similar markets, like the stock market for example. Therefore, even though it is normal to expect that when there is scarcity, and basically, the supply decreases, it helps increase the value as there is not enough to feed the demand. However, in this market, even if there is such a case, there are times that people themselves don't actually sell despite having low supply in the market, and that further hurts the value of the coins in the market.