Later that year, the cryptocurrency market experienced a seismic rally, with the price of bitcoin zooming to unprecedented levels. That was in tandem with surging trading volume, which climbed from $21.2 billion at the start of 2020 to $105.4 billion on Nov. 9, 2021, when bitcoin hits its all-time high, according to CoinGecko. « I think trading volumes and price volatility are two of the most telling indicators of crypto market activity. Both volatility and volumes bitcoin market depth are at multi-year lows, and even a rapid increase in price is not enough to draw traders in. » Market players have attributed the jump to the news that U.S. asset management giant BlackRock had filed for a spot bitcoin exchange-traded fund tracking the market price of the underlying asset. Bitcoin prices rallied today, climbing north of $48,000 as strong demand for bitcoin exchange-traded funds fueled compelling gains in the world’s most prominent digital currency.