Bitcoin network tags record high for daily settlement volume

The worth settled on the Bitcoin network has been surging not too long ago, reaching a brand new daily all-time high final week.

Bitcoin’s daily settlement worth hit an all-time high on Oct. 6, with $31 billion value of transactions being settled on-chain utilizing the Bitcoin network.

The record high marks a rise within the network’s daily settlement volume of roughly 40 occasions because the starting of 2020.

According to data from Coin Metrics, daily settlement volume has since pulled again sharply, with the Bitcoin network settling $11.6 billion value of transactions on Oct. 10.

On-chain analyst Willy Woo commented the uptick in exercise and settlement worth over the weekend, tweeting that volume cash transferring on Bitcoin’s blockchain at present dwarfs that of main centralized fee networks Visa and Mastercard within the United States.

“[The Bitcoin network is] presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.”

Related: ETH’s trading volume grew much faster than BTC’s in first half of 2021

According to Bitinfocharts, the typical worth of a transaction executed on the Bitcoin network has additionally been steadily rising over the previous three months to tag $732,000 — a rise of 273% because the starting of July.

Chinese media outlet Wu Blockchain has additionally noticed a spike within the variety of transactions valued at over $10 million.

Ethereum’s daily switch worth is at present $5.three billion in line with Coin Metrics. Ethereum had briefly flipped Bitcoin’s daily settlement volume in early September, however Bitcoin regained its lead inside a few weeks.