Bitcoin Blockchain Sees Record High Daily Settlement Volume

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.

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.”

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.