the Bitcoin (CRYPTO: BTC) The network is on track to settle for $45 trillion in 2021 alone, according to a report from Ark Invest.
What happened: Yassin El Mandjra, crypto analyst at Ark Invest, shared a chart depicting the volume of Bitcoin transactions over the past year and revealed that its annual settlement volumes are now four times higher than the global payments giant. Visa company (NYSE: V).
Bitcoin is on track to settle for twice its value this year than all of its previous years combined.
Bitcoin’s annual settlement volumes are now around 4 times that of Visa and ~6% of Fedwire. pic.twitter.com/K7Nhi2zRsJ
— Yassine Elmandgra (@yassineARK) November 28, 2021
In fact, as noted by Elmandgra, the value of Bitcoin this year is likely to stabilize at twice the value of all previous years combined.
Bitcoin has settled on a cumulative total of $60.67 trillion in its lifespan, which means that 2021 will account for nearly 70% of the total transfer volume.
Meanwhile, the efficiency of transactions increased steadily over the same period.
Last week, an average of $64.47 billion was transferred through the Bitcoin network daily.
On-chain analyst Dylan Leclerc highlights that the Bitcoin network has transferred an average of $95,142 for a fee of less than $1 over the past seven days.
Over the past seven days # bitcoin The network transferred an average of $95,142 in value per $1 in fees.
– Dylan Leclerc