People don’t use bitcoin to make small purchases anymore that’s not a secret. However, bitcoin prices have nothing to do with the wallet activity stats. Supply and demand is all that matters. Bitcoin has limited supply a s the hodlers are not selling… that drives the prices upwards.

Take a look at litecoin on the other hand. I heard it has more wallet activity than bitcoin lately but its price isn’t going anywhere. It is because there are no good litecoin holders and there isn’t enough demand. It is a dump-fest all the time. Hopefully that will change soon.