Bitcoin Scaling: Lightning Network Capacity Hits New All-Time High
CoinEdition
Published Jul 12, 2022 06:29AM ET
Bitcoin Scaling: Lightning Network Capacity Hits New All-Time High
- Lightning Network capacity hit a new all-time high, boosting the scaling capacity of Bitcoin.
- CryptoCompare Asset Report reveals that despite the Bitcoin bloodbath, Lightning Network capacity increased over the past month.
- Bitcoin trend reversal could push BTC to the $25,000 level.
Bitcoin’s Lightning Network capacity has officially hit a new all-time high, boosting the scaling capacity of Bitcoin. The Lightning Network is a layer-2 scaling solution designed to make BTC transactions faster and cheaper. The Lightning Network’s average daily capacity crossed 4,167, based on data from Bitcoin Visuals.
Bitcoin Lightning Network Capacity (Source: Bitcoin Visuals)
CryptoCompare’s latest Asset Report revealed that Bitcoin price has nosedived, posting nearly 40% losses in June 2022, while Lightning Network capacity continued to climb. By the end of June 2022, the capacity of the Bitcoin scaling network hit 3,962 BTC.
The total fees paid for Bitcoin transactions have declined over the past month, with the rapid adoption of the Lightning Network. In the last week of June, Lightning Network released a host of updates. Reportedly, the improvements to the protocol have enhanced the security and the functionality of the network.
In related news, Australian Baseball League’s most successful club, the Perth Heat is set to integrate Bitcoin’s Lightning Network into its operations. Perth Heat has partnered with Lightning Infrastructure firm IBEX, to bring point-of-sale terminals to the baseball stadium Empire Ballpark and engage with fans inside and outside the stadium.
Bitcoin price plummeted to the demand zone between $19,000 to $20,500, in the recent crash. This move prepares Bitcoin for a potential reversal in the short term. If bulls take over, Bitcoin price could rally to retest the $25,000 level. If Bitcoin price stays above the demand zone then the asset could continue its uptrend. However, a daily candlestick close below the $19,200 level could trigger a downtrend.
BTC-USD Price Chart (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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