Bitcoin Settlement Volume Reaches Record Daily High

The Bitcoin network hit a record for daily transacted volumes, reaching an all time high of $30 billion in a single day.

Its daily settlement value hit an all-time high earlier this month on October 6, with $31 billion worth of transactions being settled on-chain via the Bitcoin network.

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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

Per data from Coin Metric, daily settlement volume has since retreated sharply, however, with the network settling $11.6 billion worth of transaction on October 10.

Well known on-chain analyst Willy Woo commented on the increase, tweeting that bitcoin volumes dwarf those of major payment rails and centralised finance organisations like Visa and Mastercard in the US.

[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 figures from Bitinfocharts, the first on-chain metrics website in the blockchain ecosystem –  the average transaction value on the Bitcoin network has been steadily growing over the last three months, reaching $732,000 — an increase of 273% since the beginning of July.

Notably, these figures do not represent exchange traded volume, but rather the total value of transactions settled in a single day on-chain.

Meanwhile, ethereum’s daily transfer value sits at $5.3 billion according to Coin Metrics. The crypto had briefly flipped Bitcoin’s daily settlement volume in September, but this didn’t last long.