The stable value of the Bitcoin network has recently rallied and hit a daily high last week.
The daily estimated value of bitcoins peaked on Wednesday when $ 31 billion in transactions were settled across the entire chain using the bitcoin network.
The all-time high represents an almost 40-fold increase in daily network settlements since the beginning of 2020.
Daily settlements have plummeted since then, according to Coin Metrics, with the Bitcoin network deleting $ 11.6 billion in transactions on Sunday.
Network analyst Willie Wu commented on the slight increase in activity and settlement costs over the weekend and tweeted that the amount of money moving across the Bitcoin blockchain is currently dwindling with major central payment networks Visa and Mastercard in the US.
“[The Bitcoin Network] is currently generating ~ $ 190,000 per second. Compare that to $ 130,000 per second for Visa for US customers and $ 55,000 per second for Mastercard. ”
On the subject: ETH trading volume grew much faster than BTC in the first half of 2021
According to BitInfoCharts, the average cost of a transaction carried out on the Bitcoin network has also steadily increased over the past three months and now stands at $ 732,000 – a 273% increase since the beginning of July.
Chinese media Wu Blockchain has also noticed a dramatic increase in transactions worth over $ 10 million.
Ethereum’s daily transfer cost is currently $ 5.3 billion according to Coin’s metrics. Ethereum briefly changed daily Bitcoin settlement volume in early September, but Bitcoin regained leadership within two weeks.