It has been found that Metcalfe's Law has outperformed other types of network laws when adjusting for value.

Grinnell College

To examine the accuracy of Metcalfe's Law with bitcoin price, the distribution of daily transactions was measured.  Bitcoin price was observed to follow Metcalfe's Law with a R² of about 80%, which is indicative of a high degree of fit.

Accuracy of Metcalfe's Law

 Peterson, Timothy, Metcalfe's Law as a Model for Bitcoin's Value (January 22, 2018). Alternative Investment Analyst Review, Q2 2018, Vol. 7, No. 2, 9-18., Available at SSRN: https://ssrn.com/abstract=3078248 or http://dx.doi.org/10.2139/ssrn.3078248 

Metcalfe's Law as a Model for Bitcoin's Value

- Metcalfe's Law applied to periods of price manipulation
- Observance of Metcalfe's constant of proportionality
- Connections in Metcalfe's Law
- Inclusion of other cryptocurrencies when calculating Metcalfe value

Potential inaccuracies of Metcalfe's Law

- Usage of lognormal values to approximate Metcalfe values
- Usage of Gompertz curve to correct Metcalfe's Law

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