Despite the significant corrections that Bitcoin experienced in 2022, it is still seeing an increase in investor activity. This is because the cryptocurrency is expected to continue meeting its expectations as a safe haven asset.

According to data from Santiment, Bitcoin’s trading volume reached its highest level since June. It had a total of 42.68 billion transactions on September 29.

Despite the surge in Bitcoin trading volume, the amount of transactions has not reflected the asset’s price. This is because the various macroeconomic factors that are affecting the world economy are still outweighing its price.

The rising value of the US dollar is also causing investors to dump their fiat currencies. This is because Bitcoin is considered as a hedge against the possible effects of the US dollar. Some investors are also trying to profit from the cryptocurrency’s price movement.

Bitcoin’s growing trading volume is also beneficial to its long-term growth. It shows that the asset can endure high inflationary conditions.

If the falling value of fiat currencies triggers a significant spike in Bitcoin trading volume, then investors might not be able to hold the asset for a long time. Instead, they might opt to buy dollar-denominated assets through cryptocurrencies.

The surge in Bitcoin trading volume is also beneficial to its long-term growth. It shows that the asset can endure high inflationary conditions. Proponents of the cryptocurrency believe that it is an ideal alternative to gold and fiat currencies due to its limited supply.

Bitcoin is currently trading at around $19,000. It is currently trying to break through the $20,000 mark. However, it lost around 1% in the last 24 hours.