Bitcoin Network Ags All-Time High For Daily Settlement Volume

The Bitcoin network has been experiencing quite the surge in recent weeks, and for the first time ever, the daily settlement value on the network reached a whopping $31 billion on October 6. That’s certainly an all-time high for values stored on the network in a single day.

October 6 saw $31 billion worth of transactions being settled on-chain using the Bitcoin network, hence bringing Bitcoin’s daily settlement value to a record high. The all-time high implies a rise in the network’s daily settlement volume of about 40 times what it was at the beginning of the year 2020.

Going by the data available on Coin Metrics, however, daily settlement volume has since withdrawn sharply, seeing as the Bitcoin network settled $11.6 billion worth of transactions on Sunday, October 10.

On-chain analyst, Willy Woo also had a thing or two to say about the slight increase in activity and value settled over the weekend. He commented by tweeting that the volume of money presently moving on Bitcoin’s blockchain, is way higher than that of major centralized payment networks Mastercard and Visa in the U.S. Woo then went on to compare with receipts, how the Bitcoin network is doing $190k per second at the moment, in relation to Visa’s $130k per second or Mastercard’s $55k per second.

Quite interestingly, the Bitcoin network has also been seeing a steady increase in the average value of transactions executed over the past three months, says Bitinfocharts. This brings it to the tag of $732,000 — a rise of 273% since the start of July.

Wu Blockchain, a Chinese media outlet has also stated its own observation of a spike in the number of transactions valued at more than $10 million.

Meanwhile, Ethereum’s daily transfer value is present $5.3 billion according to Coin Metrics. Recall that back in early September, Ethereum had briefly surpassed Bitcoin’s daily settlement volume. But now, only a few weeks later, Bitcoin has regained its lead. Such a show of dominance from the global and decentralized payment system.