Founder of Real Vision: 90% of Bitcoin's price fluctuations are driven by liquidity

According to Foresight News, Real Vision founder Raoul Pal tweeted that 90% of Bitcoin's price volatility is driven by liquidity, while the proportion for the Nasdaq 100 Index (NDX) is 97%. The remaining part is influenced by market acceptance (i.e. application popularity). The relative performance of tokens or stocks is almost entirely dependent on verifiable network effects (i.e. market acceptance or application popularity).