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Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run

Biraajmaan Tamuly

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Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run
Source: Pixabay

Bitcoin [BTC] Lightning Network reached a milestone, after recording an impressive $5 million in capacity, on the back of the bull run in the cryptocurrency market.

According to data released by 1ml.com, the network capacity of the Lightning Network, at press time, was listed to be 1,068.17 BTC, around $45.3 million. This is an all-time high for the 2nd-layer payment protocol.

When compared to last month, Bitcoin’s transaction capacity increased by over 50 percent. The number of active channels recorded was 39,124. The number of channels surged by 22.36 percent over the past 30 days.

The capacity per channel, at press time, remained at an average of $128 and was indicated by the violet line. However, as the blue line indicated, the capacity per channel achieved higher efficiency, raising the average to around $425.

Source: Bitcoin Visuals

The progress of the Lightning Network was highlighted by the development of Lightning Loop, a non-custodial service that made it easier for people to receive funds, last month. The objective of the loop was to simplify the process of the transaction over the 2nd layer payment protocol.

Another advocate for the increased popularity of Lightning Network has been the Lightning Torch experiment. The experiment continued into its third month, involving more and more well-known personalities from inside and outside the cryptocurrency sphere.



At press time, Henry Brade had the Lightning Torch, after he received it from @CryptoRafe, a Bitcoin enthusiast on Twitter.

Source: Twitter

Other famous personalities to be involved in the experiment were Tron’s Justin Sun, Binance’s Changpeng Zhao and Twitter CEO Jack Dorsey.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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