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Home » Bitcoin Blockchain Sees Record High Daily Settlement Volume

Bitcoin Blockchain Sees Record High Daily Settlement Volume

Kelly Cromley by Kelly Cromley
Oct 11, 2021
in Bitcoin News, Market News, News
Reading Time: 2 mins read
0

The value of transactions processed by the Bitcoin network has lately been rising, hitting a fresh daily all-time peak last week. On October 6, Bitcoin’s daily settlement value reached an all-time record, with $31 billion in trades processed on-chain through the Bitcoin protocol.

The new high represents a 40-fold growth in the network’s daily throughput volume since the start of last year. As per Coin Metrics statistics, daily settlement traffic has subsequently dropped dramatically, with the Bitcoin platform clearing $11.6 billion in trades on October 10.

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In the last few days, on-chain expert Willy Woo remarked on the increase in activity and settlement value, tweeting that the amount of money flowing on Bitcoin’s blockchain now exceeds that of big centralized payment platforms such as Visa and Mastercard in the US. “At the moment, [the Bitcoin blockchain] is doing $190,000 per second.” Evaluate this to Visa’s $130k per second for US consumers and Mastercard’s $55k per second.”

There was $31 billion of value settled on the bitcoin network in a single day last week.

This is an all-time high for a single day of settlement value.

The global, decentralized payment system continues to become more dominant. (h/t @kerooke) pic.twitter.com/a6Q2FbPY3C

— Pomp 🌪 (@APompliano) October 10, 2021


Data from Glassnode shows that in the past month, huge transactions (> $10M) on the Bitcoin chain has grown rapidly, with the highest proportion exceeding 70%, setting a record high. pic.twitter.com/RoudvuYGla

— Wu Blockchain (@WuBlockchain) October 10, 2021


As per Bitinfocharts, the average value of a Bitcoin network activity has also gradually increased over the last three months to $732,000 – a 273% rise since the start of July. According to the Chinese media website Wu Blockchain, there has also been an increase in the quantum of trades valued at more than $10 million. As per Coin Metrics, the daily transfer value of Ethereum is now $5.3 billion. Ethereum temporarily surpassed Bitcoin’s daily settlement volume at the beginning of September, but Bitcoin bounced back to take the lead.

Money moving on Bitcoin’s blockchain is back near all time highs.

It’s presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.

Lightning Network not included. pic.twitter.com/J3Baop3LXE

— Willy Woo (@woonomic) October 9, 2021


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