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?
it is simple economics, the more the adoption of bitcoin, the more scarce it gets and the more the prices go high. Already bitcoin fixed supply is positioned to make it a scarce resource and its decentralization makes people want to hold it for themselves, so the more people and institutions buy it, the more there would be an imbalance in the demand and supply curve and more demand and less supply would make the asset appreciate readily in value. More adoption increase the market cap of bitcoin and as the MC increases, the price also responds positively