Bitcoin has reached a historic milestone, registering the highest number of daily transactions on record within a 24-hour timeframe.

On the 19th of November, the Bitcoin network, operating at a hashrate of 480 exahashes per second (EH/s), recorded 710,579 transactions, marking a new high for the world’s largest cryptocurrency.

This latest record surpassed the previous peak reached on the 15th of September this year when Bitcoin miners verified a total of 703,692 transactions, Bitcoin.com reports.

In addition, earlier this month, on the 12th of November, the daily transaction volume almost exceeded the prior record, which now sits as the third highest ever recorded.

Each of these days registered unequalled levels of inscription-based transactions. The most recent record set on Sunday accounted for a total of 475,249 inscriptions.

Furthermore, the 19th of November was the second most productive day for inscription-based transactions, marginally behind the record established on the 12th of November with a total of 505,345 inscriptions. At the time of writing, 411,723 transfers had been processed by Bitcoin miners on Sunday, 300,452 of which were inscriptions.

Following a minor dip, inscriptions have enjoyed a recent surge, fuelling an increase in miners’ fees due to an accumulation of over 200,000 transactions, which has increased the cost of block space, the Bitcoin.com report adds.

Additionally, as miners set new standards in the processing of transactions, the Bitcoin network’s hashrate has risen to an all-time high of 480 exahashes per second, based on the seven-day moving average.