The billed value of the Bitcoin network has risen lately and hit a new all-time high last week.

Bitcoin’s daily settlement value hit an all-time high on October 6, with $ 31 billion in transactions on-chain over the BTC network.

The record high marks a 40-fold increase in the network’s daily payment volume since early 2020.

https://twitter.com/APompliano/status/1447319804772245509?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Daily processing volume has since plummeted, according to data from Coin Metrics, with the BTC network processing transactions valued at $ 11.6 billion on October 8.

On-chain analyst Willy Woo commented on the increase in activity and payout value over the weekend: tweets Bitcoin’s blockchain volume is currently less than that of the major centralized payment networks Visa and Mastercard in the US.

“[The BTC network is] currently about $ 190,000 per second. Compare that to Visa’s $ 130,000 per second for US customers and $ 55,000 per second for Mastercard. “

Related: ETH’s transaction volume is growing much faster than that of Bitcoin in the first half of 2021

According to Bitinfocharts, the average value of a transaction made on the Bitcoin network has also risen steadily over the past three months, reaching USD 732,000 – an increase of 273% since the beginning of July.

Chinese media company Wu Blockchain has also seen an increase in the number of transactions valued at more than $ 10 million.

https://twitter.com/WuBlockchain/status/1447066819076898820?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

The daily transfer value of Ethereum is currently $ 5.3 billion, according to Coin Metrics. Ethereum briefly surpassed Bitcoin’s daily settlement volume in early September, but Bitcoin regained leadership within a few weeks.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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