Daily Settlement Volumes on Bitcoin Network reach Record High
The settlement volumes on the Bitcoin network have been on the rise, and the metric recently reached an all-time high. On October 6, the daily settlement volume on the Bitcoin network reached a record high of $31 billion worth of transactions.
These metrics are used to show the number of transactions being settled on-chain on the Bitcoin network.
Daily Settlement Volumes Increased 40x since 2020
The all-high of daily settlement volumes on the Bitcoin network has increased by around 40 times since the beginning of 2020. However, the Bitcoin network has failed to maintain these record highs, and it has currently dipped.
Data from Coin Metrics on October 10 showed that the Bitcoin network’s daily settlement volumes had significantly retreated from the record highs to reach $11.6 billion worth of transactions.
Willy Woo, a renowned on-chain analyst, commented on the rise in activities on the Bitcoin network over the weekend. In a tweet, Woo stated that the rising number of transactions on the network is significantly higher than the transactions recorded by Visa and Mastercard payment networks 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,” Woo tweeted.
Major Growth on the Bitcoin Network
The daily settlement transaction volumes are not the only metrics that show significant gains on the BTC network. A recent report Bitinfocharts showed a significant rise in the average value of a transaction on the Bitcoin network.
The Bitinfocharts report noted that the average transaction value on the network had steadily grown over the past three months and has reached around $732,000. This represents a 273% gain since the start of July 2021.
The number of transactions valued at more than $10 million has also increased. A publication by a Chinese media outlet, Wu Blockchain, affirmed the rise in these large transactions.
On the other hand, Coin Metrics states that the daily settlement volumes on the Ethereum network stand at $5.3 billion worth of transactions. In September, Ethereum’s daily settlement volumes were higher than Bitcoin’s, but Bitcoin could take the lead once again in a few weeks.
Moreover, the price of Bitcoin has continued with an upward trajectory despite altcoins struggling to keep up. The primary cryptocurrency touched $57K on October 11, a five-month high for the coin. The coin’s market cap is now beyond $1 trillion, while its dominance has increased to 43%.
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