Bitcoin had similar volume when it was new, severely undervalued, and not really ready for mainstream use.
Edit:
Also, at the the time, bitcoins were traded mostly on Mt.Gox (Magic the Gathering Online Exchange) and you were considered foolish if you actually thought it was a good idea to buy them.
You are aware that (I) this is an anecdote (ii) Bitcoin's history was exceptional and (iii) Occam's razor points to a different conclusion?
I'm pointing out that, based on Quantplus's criteria, bitcoin also could have been considered a failure when it was at a similar stage of development.