The total cost of transactions per day in the bitcoin network reached a record high of $ 31 billion. Investor Kevin Rook drew attention to this.
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
Since the beginning of the year, the indicator has grown 40 times. The expert emphasized that these are not trading volumes, but funds transferred in the network.
Analyst Willie Wu noted that the first cryptocurrency blockchain processes about $ 190,000 per second, compared to $ 130,000 for Visa for US customers and $ 55,000 for Mastercard.
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
Average transaction volume has skyrocketed since August, peaking at $ 1.95 million, according to BitinfoCharts.
Journalist Colin Wu drew attention to the fact that the share of transactions worth more than $ 10 million reached 70% – this was a record figure.
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
On October 6, the bitcoin price surpassed the $ 55,000 mark. Two days later, the asset tested the $ 56,000 level. According to JPMorgan analysts, the local rally of the first cryptocurrency was facilitated by the interest of institutions, the growing popularity of the Lightning Network micropayment network, as well as assurances from the US authorities about the assets.
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