Overall trading volume in the crypto markets has accelerated throughout 2019, despite the lackluster price action relative to 2017.
In fact, volume is even higher now than when prices peaked in January of 2018.
This reminds me of the bear market of 2015, when Bitcoin had reached a low of near $200, but charts on blockchain.info showed that the number of transactions on the network was trending upwards.
To me, these signs indicate the inception of a new asset class, or rather, a new financial system, which is experiencing accelerative growth. Rapid growth in the trading, usage and development of crypto currencies seems to precede the parabolic move in their prices.
In these markets, most people care only about price, not fundamentals. The market will likely remain pessimistic until a wealthy investor or institution recognizes the fundamental growth and lights the match to set off the next parabolic move.
Combine this with the ever increasingly unstable traditional financial system, made apparent by the recent sudden return to Quantitative Easing (money printing) by central banks and we have greater reason to believe that more fiat will be flowing into the crypto markets soon.