According to U.Today, Bitcoin has surpassed Visa and Mastercard in terms of daily transaction volume, based on recent data from Glassnode. The unfiltered on-chain transaction volume of Bitcoin stands at $46.4 billion, while the filtered economic transfer volume is $6.5 billion. This surge in transaction volume follows Bitcoin's significant recovery, which saw market sentiment shift from fear to greed in a matter of days.

Bitcoin's current market capitalization is $1.3 trillion, making it more valuable than Visa and Mastercard, which are valued at $556 billion and $418 billion, respectively. During bull runs, it is common for the Bitcoin network to experience a higher number of transactions. The recent increase in transactions is also attributed to the launch of the Runes protocol in April. On July 16, the Bitcoin network recorded a total of 529,056 transactions. In May, Bitcoin celebrated its billionth transaction.

In April, Nansen reported that stablecoins like Tether (USDT), Circle (USDC), and Dai (DAI) collectively generated higher volumes than Visa's average monthly total throughout the previous year. However, Bloomberg noted that 90% of stablecoin transactions were inorganic. Tether's USD remains the dominant stablecoin with a market cap of $113 billion, while the stablecoin market continues to grow with major players like Ripple entering the space.