Bitcoin is now estimated to have on-chain daily volume of $46.4 billion, which is more than credit card giants Visa and Mastercard process each day.

Visa processes approximately $38.9 billion in daily transactions, and Mastercard processes around $24.7 billion, according to data from a recent CME report. The surging crypto market has sent bitcoin’s value up almost 50% year to date and cemented the cryptocurrency as a valid payments contender.

The recent influx into bitcoin was largely due to r