I think that both of the above are wrong.The correct one is:

Network-->Scarcity-->Price

The price is just a result of many factors,including scarcity,market supply and demand,the current state of the network,FOMO,etc.We can't put the result of an equation in the middle of the equation.The result is always at the end.
The Bitcoin Core blockchain has some value,but it would be quite difficult to measure that value.
Without Bitcoin as an asset and a medium of exchange,the value of the Bitcoin Core blockchain is questionable.