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.
— 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.