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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Lightning Network Hits Record Highs In Bitcoin And US Dollar Capacity

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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The Lightning Network, Bitcoin’s Layer 2 payment protocol, has achieved a new landmark, reaching an all-time high in Bitcoin capacity, a pivotal move underscoring the network’s continued growth and increased adoption.

The network, which works by locking Bitcoin in payment channels, witnessed a substantial boost, pushing its Bitcoin capacity to a record-high of more than 5,500 BTC for the first time since April, according to data from The Block.

This monumental achievement signifies not just the robust growth of the network, but also the increasing confidence in the Lightning Network as a viable payment protocol.

Surge In Bitcoin Network Capacity

According to The Block, this past Saturday, the Lightning Network attained an apex in capacity, hitting 5,630 BTC. This figure surpasses the prior peak of 5,620 BTC recorded on April 18. Concurrently, the network’s US Dollar capacity also reached an all-time high, topping $172 million.

Related Reading: Nansen Forecast For Bitcoin Bull Run: Regulatory Clarity And Lower Inflation

The Block noted, as these numbers reveal, Lightning Network’s capacity has grown significantly, increasing 42% in Bitcoin and 105% in US Dollar terms over the last 12 months. This considerable advancement is a testament to the ongoing acceptance and utilization of the Lightning Network in the crypto world.

The Future Of Lightning Network

David Marcus, CEO of enterprise-grade Lightning Network firm Lightspark, emphasized the importance of expanding the network’s infrastructure and capacity.

Marcus said the reason for this was “Particularly because we can actually guarantee that even larger payments succeed on Lightning, which in the past has been pretty hard to achieve.”

Envisioning the future, Marcus explained that this development could “enable any enterprise out there to access a real-time, super low-cost settlement network for the internet that’s interoperable, that’s open, that any developer can build on.”

Notably, Marcus underscored the need for the greater exchange involved in the network, arguing that this would not only bolster Bitcoin mobility but also enhance the Lightning Network on and off-ramps. Moreover, the Lightning Network’s success in Bitcoin and US Dollar capacity signifies a significant step forward in the ongoing evolution of Bitcoin as both a digital asset and a transaction protocol.

It affirms the increasing demand for fast, cost-effective, and scalable Bitcoin transactions, a demand that is only likely to grow as more enterprises and developers tap into the potential of the network.

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Crypto Analyst Predicts: Bitcoin (BTC) To Reach $69,000 And Above In 2023

1 year ago

Meanwhile, over the past week, Bitcoin has seen a rebound from its previous loss amid the United States Securities and Exchange Commission (SEC) lawsuit on the world’s largest crypto exchanges Binance and Coinbase that brought the largest asset by market cap to trade below $25,000.

However, over the past 24 hours, Bitcoin has plummeted by 1.1% with a trading price still above the recently reclaimed $30,000 mark. In the past 7 days, more than $70 billion has been added to the BTC market cap with the asset market capitalization moving from a low of $514 billion last Monday to above $580 billion as of today.

Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s price moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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