The Bitcoin network has set a new high for daily settlement volume.

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Last week, more than $30 billion was settled on the Bitcoin blockchain in a single day.

The value settled on the Bitcoin network has recently been surging, reaching a new daily all-time high last week.

On Wednesday, Bitcoin’s daily settlement value reached an all-time high, with $31 billion in transactions settled on-chain via the Bitcoin network.

The new high represents a 40-fold increase in the network’s daily settlement volume 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 Sunday.

On-chain analyst Willy Woo commented on the uptick in activity and settlement value over the weekend, tweeting that the volume of money moving on Bitcoin’s blockchain currently dwarfs that of major centralized payments networks Visa and Mastercard in the United States.

“[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.”

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.

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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.

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