Philip Swift, founder of LookIntoBitcoin, emphasized that global liquidity significantly affects cryptocurrency and other asset prices. Stating that cash inflows largely determine prices, Swift says that changes in global liquidity are an important source of motivation for investors and points to the upward potential of Bitcoin and altcoins.
Global Liquidity and Crypto
Bitcoin price is still trending above $71,000 and this is due to the increase in global liquidity that is allowing altcoins to rise. According to Philip Swift's new analysis published on the on-chain data platform founded by LookIntoBitcoin, worldwide liquidity has reached approximately 100 trillion dollars. This expansion creates further upside potential in risk markets.
The M2 money supply in US dollars currently stands at $94 trillion. When Bitcoin broke its all-time record in 2021, that supply was $91 trillion. By late 2022, when cryptocurrencies hit the bottom of bear markets, that figure dropped to $85 trillion. However, since then M2 supply has increased by 10% and growth continues. This increase contributed to the rapid growth of cryptocurrencies.
The Future of Cryptocurrencies
Swift thinks one of the most important things to watch for this bull run is liquidity supply. The liquidity supply reaching an all-time record level is a positive development for cryptocurrencies and is promising in the medium and long term. In his latest analysis, he warned investors to be prepared for a new bull run.
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