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The value traded on the Bitcoin network has surged recently, reaching new highs last week, with over $30 billion being paid out on the Bitcoin blockchain in just one day.
Bitcoin’s daily settlement value just set an all-time high on October 6, with $31 billion worth of transactions settled on the blockchain using the Bitcoin network. The record high marks an increase in daily settlement volume of the BTC network by approximately 40 times since the beginning of 2020.
There was $31 billion of value settled on the bitcoin network in a single day last week.
This is an all-time high for a single day of settlement value.
— Pomp (@APompliano) October 10, 2021
Prominent analyst Willy Woo commented on the current increase in Bitcoin activity and settlement value that while Bitcoin’s blockchain volume is at an all-time high, it is still lower than that of Bitcoin. with the major centralized payment networks Visa and Mastercard in the United States.
The Bitcoin network is currently making $190,000 per second globally. Compare this to Visa’s $130,000 per second for US customers and $55,000 per second for Mastercard, which is still relatively low.
This means this is all just the beginning for Bitcoin. The room for growth for BTC adoption is huge in the future compared to traditional financial competitors. The average value of a transaction made on the Bitcoin network has also increased steadily over the past three months, reaching $732,000, up 273% since the beginning of July. In particular, there has been a sudden spike in the number of transactions. transaction volume of more than 10 million USD.
Breaking down the volume on the blockchain by transaction size, we can also see that very large transaction sizes (over 10 million USD) continue to dominate. Total trading volume has largely returned to peak levels of $13.6 billion to $16.8 billion per day.
The growing dominance of large transaction sizes shows the growing maturity of Bitcoin as a macro-scale asset with strong interest from individuals, trading desks, and institutions. have a high net worth.
– See more: Institutional investors are pouring money into buying Bitcoin instead of gold to fight inflation
An interesting piece of information coming from Glassnode data is the indicator “Difficulty ribbon” of Bitcoin. According to the chart, we can see “Difficulty ribbon” reversed and signaled a full recovery, as the slowest 200-day moving average crossed the fastest nine-day moving average.
The closest this indicator can be compared to the current market was after the bear market event in December 2018, the Bitcoin price dropped 50% to $3,000. The 2018-19 rally took a total of 164 days to fully reverse the bearish signal. The market has now recovered in 120 days and is likely to complete a stronger reversal after the next slight correction.
However, after the reasons that helped Bitcoin return to the $50,000 threshold for the first time since the July 9 drop, despite the 3rd largest Bitcoin whale wallet “discharged” just 2 days ago, Bitcoin has continued to “surpass the universe” subject” today when it crossed the threshold of 56,000 USD and is trading at 56,940 USD at the time of writing.
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