Bitcoin’s daily on-chain value hits a record high of $31 billion

The daily on-chain value transferred on the Bitcoin network reached a record $31 billion, noted by investor Kevin Rooke.

Since the start of the year the figure has risen fortyfold. The analyst noted that these are not trading volumes, but funds moving on the network.

Analyst Willy Woo noted that the Bitcoin blockchain processes around $190,000 per second, versus $130,000 per second for Visa for US clients and $55,000 per second for Mastercard.

According to BitinfoCharts, since August the average transaction value has surged, peaking at $1.95 million.

Colin Wu noted that the share of transactions valued at more than $10 million reached 70% — a record.

In October, Bitcoin price surpassed the $55,000 mark. 

Two days later the cryptocurrency tested the $56,000 level. JPMorgan analysts attributed the rally in the first cryptocurrency to institutional interest, the growing use of the Lightning Network for micro-payments, and assurances from U.S. authorities that there are no plans to ban digital assets.