The volatility of Bitcoin has led to the shift in engagement because the price of Bitcoin can sometimes determine engagement. Like the economic variables; demand and supply. An increase or decrease in price, can lead to n increase or decrease in demand, conversely an increase or decrease in price can also lead to an increase or decrease in supply. From the aformentioned, one can say, the demand and supply can influence the price of Bitcoin. Can more adoption and engagement influence the price of Bitcoin as st a particular date?
All being said are fact but for the benefits of doubt in case my instincts are wrong because it feels like you already know about how the market volatilities is being drived with the influence of demands and supplies but it seems you either want to get the point clear or you just want to creat a mere discussion for it.
However, the rate of adopting is the providence that determines the direction (trends) of the price. The on-chain technological market pegs it force of energy and weakness on based on rate of adoptors. So if we have more buyers holding for a while, it could influence the market price and vice versa ( market falls if demands are poor on the leverages of supplies)