The value settled on Bitcoin’s network has soared in recent days, hitting a new daily record high last week.

On 6 October, the daily settlement value reached $31 billion worth of transactions settled on-chain using the Bitcoin network.

This all-time high marks an increase in the daily settlement volume of around 40 times since the start of last year, Cointelegraph reports.

As per data from Coin Metrics, daily settlement volume has since recovered, with the network settling as much as $11.6 billion worth of transactions on Sunday.

On-chain analyst Willy Woo referred to the soaring activity and Bitcoin settlement value last weekend, saying on Twitter that the money moving on Bitcoin’s blockchain overshadows that of Visa and Mastercard in the U.S.

He commented: “[The Bitcoin network is] presently doing ~$190k per second. Compare this to $130k per second by Visa for U.S. customers and $55k per second for Mastercard.”

In addition, the average value of a transaction carried out on the Bitcoin network has been gradually rising over the last three months to reach $732,000, a 273% rise since July.

There has also been a surge in transaction numbers valued at more than $10 million, according to Chinese media outlet Wu Blockchain.

Moreover, Ethereum’s daily transfer value stands at $5.3 billion according to Coin Metrics. At the start of September, Ethereum had flipped Bitcoin’s daily settlement volume for a short time, yet the world’s largest cryptocurrency regained its lead within a fortnight.