The value settled on the Bitcoin network has been surging recently, reaching a new daily all-time high last week.
Bitcoin’s daily settlement value hit an all-time high on Oct. 6, with $31 billion worth of transactions being settled on-chain using the Bitcoin network.
The record high marks an increase in the network’s daily settlement volume of approximately 40 times since the beginning of 2020.
According to data from Coin Metrics, daily settlement volume has since pulled back sharply, with the Bitcoin network settling $11.6 billion worth of transactions on Oct. 10.
On-chain analyst Willy Woo commented the uptick in activity and settlement value over the weekend, tweeting that volume money moving on Bitcoin’s blockchain currently dwarfs that of major centralized payment networks Visa and Mastercard in the United States.
According to Bitinfocharts, the average value of a transaction executed on the Bitcoin network has also been steadily increasing over the past three months to tag $732,000 — an increase of 273% since the beginning of July.
Chinese media outlet Wu Blockchain has also observed a spike in the number of transactions valued at over $10 million.
Ethereum’s daily transfer value is currently $5.3 billion according to Coin Metrics. Ethereum had briefly flipped Bitcoin’s daily settlement volume in early September, but Bitcoin regained its lead within a couple of weeks.