Bitcoin On Track To Settle $45 Trillion In 2021, Quadruple Visa's Volume: Ark Invest

November 30, 2021 9:28 am
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Bitcoin On Track To Settle $45 Trillion In 2021, Quadruple Visa's Volume: Ark Invest

The Bitcoin (CRYPTO: BTC) network is on track to settle $45 trillion in 2021 alone, according to a report from Ark Invest.

What Happened: Yassine Elmandjra, a crypto analyst at Ark Invest, shared a graph depicting Bitcoin’s transaction volume over the last year and revealed that its annual settlement volumes are now four times higher than global payments giant Visa Inc (NYSE:V).

In fact, as Elmandjra pointed out, Bitcoin is likely to settle twice as much value this year as all of its previous years combined.

Bitcoin has settled a cumulative total of $60.67 trillion in its lifetime, meaning 2021 has accounted for nearly 70% of total transfer volume.

Meanwhile, the efficiency of transactions has been steadily increasing over the same period.

In the last week, an average of $64.47 billion was transferred across the Bitcoin network daily.

On-chain analyst Dylan LeClair highlighted that the Bitcoin network has transferred an average of $95,142 for as little as $1 in fees over the last seven days.

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