The Global censorship-resistant peer-to-peer aspect of crypto has value for the person that uses it, but that is not what determines the price, it is what gives a human some utility.
We must be getting our definitions crossed somewhere. Explain why purchasing power is directly correlated to "sent in USD" which is the best indicator of velocity I can think of:
Looks to me that the trend reversals are happening in the Top100 first(after the initial distribution). If it's true that would mean velocity causes purchasing power.
I think that's why things like Tipping Tuesday are so heavily trolled and down voted on reddit, cuz it gets the money moving moving ultimately increasing it's power.
If the tip makes the persons getting the tip buy and hold BCH then it will have an upward effect on the price, but the price of BCH does not go up by people using it to transact. If ->
-> it was the case that more transactions/trades meant higher price, we would see a feedback cycle of spend/replace that would make the crypto increase independent of aggregate holding