Home Bitcoin News The daily cost of transactions in the bitcoin network has set a new record

The daily cost of transactions in the bitcoin network has set a new record

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Crypto News

The total cost of transactions per day on the bitcoin network has reached a record high of $31 billion. Investor Kevin Rook drew attention to this.

$31 billion.

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.

? pic.twitter.com/sLroW28kwg

— Kevin Rooke (@kerooke) October 10, 2021

Since the beginning of the year, the indicator has increased 40 times. The expert stressed that these are not trading volumes, but funds moved online.

Analyst Willy Wu noted that the blockchain of the first cryptocurrency processes about $190,000 per second compared to $130,000 from Visa for customers in the US and $55,000 from 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

According to BitInfoCharts, the average transaction volume has increased sharply since August, reaching a maximum of $1.95 million.

The daily cost of transactions in the bitcoin network has
Data: 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

Recall that on October 6, the price of bitcoin broke 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 the assurances of the US authorities about the absence of intentions to ban digital assets.

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