Yahoo Finance Bitcoin Price Recovers as Lightning Network Capacity hits ATH
Bitcoin’s rangebound movement between the $35.5K and $38.7K price range has acted as a bummer for traders and investors over the last week as daily trade volumes kept declining.
Nonetheless, the Bitcoin Lightning Network’s growth has been constant throughout the price ups and downs. Recently, the lightning network capacity hit an all-time high indicative of the network adoption.
Bitcoin Adoption Still Going Up
The adoption of the Lightning Network, which was launched in 2018, has risen at a dramatic pace over the last year. Lightning Network was introduced to bring greater scalability to the Bitcoin ecosystem, enabling faster more commerce-based use cases.
The capacity of the Bitcoin Lightning Network has reached an all-time high, nearing a capacity of close to 3,400 BTC, which is over three times the capacity from a year ago around the same time.
The Lightning Network is the main Layer-2 solution for Bitcoin, deployed with an aim to make small bitcoin transfers cheaper and faster. The current capacity of the network stands at around 3,400 bitcoin (over $129.3 million at press time prices).
The high capacity of the network at press time meant that its users could send and receive close to $139 million worth of BTC via the network.
The Lightning network undoubtedly saw an exponential rise in the rate of adoption, and many anticipate the network to see bigger successes in 2022. That said, it still caters to a relatively small part of the Bitcoin market.
BTC Price Recovering
Over the last 24-hours, BTC was up 4.46% on the daily chart and noted a close to 4.51% rise on the weekly. This came after BTC visited the lower $36,250 mark just a day ago. The quick recovery as the weekend approached received skeptical looks from the market participants.
Furthermore, on the back of the recent BTC gains, the top altcoin Ethereum was up by 9.24% in the last 24-hours and appreciated 18.04% over the week oscillating at $2,834. The global crypto market cap stood at $1.77 trillion, a 5.55% increase over the last day.
Additionally, with developments like the first publicly listed, purpose-built Lightning Network company launched, the growth of the network, and thereby the macro-adoption for BTC looks bright.
This article was originally posted on FX Empire