The value of settlements on the Bitcoin network has been soaring recently, setting a record high last week.
The daily settlement value of Bitcoin hit a record high on October 6, and transactions worth $31 billion were settled on the chain using the Bitcoin network.
The record high marks that since the beginning of 2020, the network’s daily settlement volume has increased by approximately 40 times.
A value of $31 billion was settled in one day on the Bitcoin network last week.
This is a record high in the value of a single day’s settlement.
-Pump (@APompliano) October 10, 2021
according to data Data from Coin Metrics shows that the daily settlement volume has since dropped sharply, and the Bitcoin network settled transactions worth $11.6 billion on October 10.
On-chain analyst Willy Woo commented on the increase in weekend activities and settlement value, Tweet Currently, the large amount of funds flowing on the Bitcoin blockchain dwarfs Visa and Mastercard, the major centralized payment networks in the United States.
“[The Bitcoin network is] It is currently about US$190,000 per second. In contrast, Visa offers US customers $130,000 per second and MasterCard’s $55,000 per second. ”
according to bitmap, The average value of transactions executed on the Bitcoin network in the past three months has also been steadily increasing, reaching $732,000-an increase of 273% since the beginning of July.
Chinese media agency Wu Blockchain has also observed a surge in the number of transactions worth more than US$10 million.
Data from Glassnode shows that in the past month, huge transactions (>10 million US dollars) on the Bitcoin chain have grown rapidly, with the highest proportion exceeding 70%, setting a record high. pic.twitter.com/RoudvuYGla
-Wu Blockchain (@WuBlockchain) October 10, 2021
According to Coin Metrics, the daily transfer value of Ethereum is currently $5.3 billion. Ethereum briefly changed the daily settlement volume of Bitcoin in early September, but Bitcoin regained its lead within a few weeks.