In early April, we saw Bitcoin’s latest rally of nearly $1000 in just over an hour, taking altcoins along for the ride, namely Ethereum, Ripple and Litecoin. This price surge had trading volumes comparable to the peak of the previous bull run.
While Bitcoin’s $20 000 high in 2017 may seem like a faded memory, crypto enthusiasts are far from forgetting. Their unrelenting beliefs and bull run sentiments have firmly stayed with them, although not necessarily rubbing off on everyone else. Since the 2017 decline, many investors and traders fell quiet on the market, visibly evident in the low trading volumes of top cryptocurrencies.
During a period of indecision, it is common to see a decline in trading activity, and in some cases in trading volumes too. It is not uncommon for volumes to drop when projects lose their audience’s attention. Although this works both ways, as with major movement, volumes can spike again.
We have witnessed over the past 2018-2019 bear market that volume has gradually declined. Officially becoming the longest bear market to date for Bitcoin. However, signs of a Bitcoin bull run became evident as we witnessed a new trend emerge when Bitcoin broke through the $4 200 resistance to $5 200 in just over an hour. This strong upward movement took with it increased trading volumes, confirming a trend reversal.
The rush in trading volume seen in both Bitcoin and Ethereum reached levels similar to that of 2017 when the mainstream public became interested in crypto, launching a media storm selling retail traders into a “get rich” fairytale scheme. This has set off many crypto enthusiasts to believe that we are at the foothill of another major bull run.
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