Global trading volumes of all cryptos and tokens combined have reached an all time high with some $89 billion exchanging during a 24 hours period, currently standing at $77 billion across all exchanges.
Some of that volume is inflated, but CME fiat settled bitcoin futures spiked too from about 2,000 contracts to 12,015, translating to some $300 million.
In addition, trading volumes in 10 crypto exchanges that have been deemed to not fake volumes have also spiked from $300 million to $1.7 billion for bitcoin.
While combined volumes now stand at $4.3 billion in the ten exchanges, which means this is probably undercounting as it doesn’t include exchanges in say South Africa, or Brazil where bitcoin has seen a premium on high volumes recently.
Fake or not, undercounting or over-counting, all data suggests there has been a considerable surge in volumes that propelled many cryptos up 20% and for some even 50%.
Making these trading volumes higher than even during the haydays of December 2017 when the combined crypto market cap reached close to $1 trillion.
It is at about $175 billion now, with bitcoin at close to $90 billion, while eth stands at about $18 billion.
The considerable price rise with significantly higher volume might suggest there was a general rise in demand for bitcoin after an apparent sentiment change that might have allowed some to hope that perhaps there is also the upwards direction, rather than just downwards.
Bitcoin has known little more than the latter for a year with a low of about $3,000 reached this December.
Since then, there has been a gradual slow increase in price until April Fools perhaps acted as some sort of trigger to unleash the bullish sentiment that was building.
That may have made heads turn in wonder of whether that thing they thought was dead is perhaps alive. Something which time will tell.