The daily transaction volume on the bitcoin network has reached a record high of $31 billion.
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Investor Kevin Rook writes this is a 40x increase in settlement value since 2020. The expert emphasized that these are not trading volumes, but funds transferred on the BTC network.
$31 billion.
That's how much value was settled on the Bitcoin blockchain in a single day this week.
It's a new all-time high for Bitcoin, and a 40x jump in settlement value since 2020 began.
— Kevin Rooke (@kerooke) October 10, 2021
Analyst Willie Wu noted that the first cryptocurrency blockchain processes about $190,000 per second, compared to $130,000 per second by Visa for US customers and $55,000 per second for Mastercard.
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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
According to BitinfoCharts, Average transaction volume has skyrocketed since August, peaking at $1.95 million.
Journalist Colin Wu drew attention to the fact that the number of transactions worth more than $10 million on BTC has grown rapidly.
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
According to JPMorgan, the local rally of the first cryptocurrency was facilitated by the interest of institutions, the growing popularity of the Lightning Network, as well as assurances from the US authorities that they did not intend to ban digital assets.
Read: JP Morgan Report Shows Institutional Investors Are Preferring Bitcoin Over Gold
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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