The world’s biggest exchange has released a new chart showing the growth in foreign exchange trade activity for bitcoin and some other cryptocurrencies.
The chart, which was published Thursday on the CoinDesk website, shows that bitcoin has been surging on a month-over-month basis.
In the chart, foreign exchange trading activity has jumped more than 8% in September, and the average monthly increase for the month is up to 4%.
The chart also shows that foreign exchange is increasingly used as a hedge against volatility in the global economy.
For example, the amount of bitcoin traded has doubled over the last three months.
“Cryptocurrencies are in the midst of an exciting period in which there is a lot of demand and a lot less supply.
This is a good time for foreign exchange trades,” said Matthew Barrera, an analyst with CoinDesk.
Barrera added that he thinks the recent surge in foreign trade could be a sign that foreign-exchange demand is increasing as more investors realize the potential of cryptocurrencies as a store of value.
Barra said he expects that demand for cryptocurrencies will continue to grow as more people embrace the digital currency as a means of payment and wealth creation.