🤔[Analysis] MetCalfe’s law applies to Bitcoin only in the long term, not short term, says new study

According to a recent technical paper that analyzed Bitcoin ($BTC) blockchain data from 2010-2018, MetCalfe's law--which correlates value to the number of system users--is proving right in the long run, but not necessarily in the short term. Short run movements, moreover, are more likely tied to speculation than any clear metric. The paper gives hope for a better valuation metric for analyzing Bitcoin through active address count.