More than $30 billion was settled on the Bitcoin blockchain in a single day last week.
The worth settled on the Bitcoin network has been surging recently, reaching a new daily all-time high last week.
Bitcoin’s daily settlement worth hit an all-time high on Wednesday, with a $31 billion worth of transactions being settled on-chain using the Bitcoin network.
The document excessive marks a rise within the network’s daily settlement volume of approximately 40 times since the beginning of 2020.
According to data from Coin Metrics, each day settlement quantity has since pulled again sharply, with the Bitcoin network settling $11.6 billion value of transactions on Sunday.
On-chain analyst Willy Woo commented on the uptick in activity and settlement worth over the weekend, tweeting that the amount of money moving on Bitcoin’s blockchain at the moment dwarfs that of major centralized funds networks Visa and Mastercard in the USA.
“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.”
According to BitInfoCharts, the common value of a transaction executed on the Bitcoin community has additionally been steadily growing over the previous three months to tag $732,000 — a rise of 273% since the beginning of July.
Chinese media outlet Wu Blockchain has also noticed a spike within the variety of transactions valued at over $10 million.
Ethereum’s daily transfer worth is at the moment $5.3 billion in line with Coin Metrics. Ethereum had briefly flipped Bitcoin’s each day settlement quantity in early September, but Bitcoin regained its lead within a few weeks.