Crypto markets are back in full swing this week as the prices have increased by about 20% across the board and trading volumes have reached new highs this week. Most importantly, for the first time ever, Bitcoin futures trading volumes on CME surpassed the $1 billion mark earlier this week and spot trading volumes on Binance have roughly tripled this week to $700 million.
Coinciding with Consensus week, there is abundant liquidity in the market and there are echoes of the final months of 2017 of the previous mega bull run. We can, of course, do without what came after starting Jan 2018.
Meanwhile, another indicator for the surge in demand for Bitcoin is the spike in median transaction fees on the Bitcoin blockchain. The median transaction fees surged to $2.3 yesterday. It has been below 50c for a majority of 2018 and 2019 so far. The combination of rising prices and fees suggests that there is significant demand for moving Bitcoins around.