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Bitcoin network tags record high for daily settlement volume

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Last week, the Bitcoin network resolved more than $30B in a single day.

The Bitcoin network’s value has been soaring recently, with a new daily all-time high reached last week.

On Oct. 6, the daily settlement value of Bitcoin reached an all-time high. With $31B in transactions being resolved on the Bitcoin network.

The network’s daily settlement volume has increased by almost 40 times since the beginning of 2020, setting a new milestone.

Daily settlement traffic has subsequently dropped dramatically, according to Coin Metrics statistics, with the Bitcoin network clearing $11.6 billion in transactions on Oct. 10.

Willy Woo, an on-chain expert, tweeted that the volume of money moving on Bitcoin’s blockchain now surpasses that of big centralised payment networks Visa and Mastercard in the US.

“At the moment, the Bitcoin network is performing 190,000 transactions per second. Compare that to Visa’s $130,000 per second for US consumers and Mastercard’s $55,000 per second.”

According to Bitinfocharts, the average value of a Bitcoin transaction has been gradually growing over the last three months, reaching $732,000, a 273% rise since July 1.

A rise in the number of transactions worth more than $10M has also been reported by Chinese media source Wu Blockchain.

According to Coin Metrics, the daily value of Ethereum transfers is $5.3 billion. In early September, Ethereum temporarily overtook Bitcoin in terms of daily settlement volume, but Bitcoin quickly reclaimed the lead.

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