The billed value of the Bitcoin network has risen lately and hit a new all-time high last week.
Bitcoin’s daily settlement value hit an all-time high on October 6, with $ 31 billion in transactions on-chain over the BTC network.
The record high marks a 40-fold increase in the network’s daily payment volume since early 2020.
Last week, the BTC network traded $ 31 billion in value in just one day.
This is an all-time high for the one-day billing value.
– Pomp (@APompliano) October 10, 2021
Daily processing volume has since plummeted, according to data from Coin Metrics, with the BTC network processing transactions valued at $ 11.6 billion on October 8.
On-chain analyst Willy Woo commented on the increase in activity and payout value over the weekend: tweets Bitcoin’s blockchain volume is currently less than that of the major centralized payment networks Visa and Mastercard in the US.
“[The BTC network is] currently about $ 190,000 per second. Compare that to Visa’s $ 130,000 per second for US customers and $ 55,000 per second for Mastercard. “
Related: ETH’s transaction volume is growing much faster than that of Bitcoin in the first half of 2021
According to Bitinfocharts, the average value of a transaction made on the Bitcoin network has also risen steadily over the past three months, reaching USD 732,000 – an increase of 273% since the beginning of July.
Chinese media company Wu Blockchain has also seen an increase in the number of transactions valued at more than $ 10 million.
Data from Glassnode shows massive transactions (> $ 10 million) in the Bitcoin chain grew rapidly over the past month, with peak rates of over 70% hitting record highs. pic.twitter.com/RoudvuYGla
– Wu blockchain (@WuBlockchain) October 10, 2021
The daily transfer value of Ethereum is currently $ 5.3 billion, according to Coin Metrics. Ethereum briefly surpassed Bitcoin’s daily settlement volume in early September, but Bitcoin regained leadership within a few weeks.