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Bitcoin [BTC] Lightning Network has more active nodes than XRP, Litecoin and EOS combined

Biraajmaan Tamuly

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Bitcoin [BTC] Lightning Network has more active nodes than XRP, Litecoin and EOS combined
Source: Pixabay

Bitcoin’s Lightning Network has been one of the most instrumental scaling solutions for the cryptocurrency, since its inception. The second layer open protocol system was officially launched on the Mainnet in January 2018. However, it only recently picked up popularity due to the ongoing Lighting Torch experiment.

According to recent reports, the Lightning Network has more active nodes than the combined numbers of XRP, Litecoin and EOS.

Data produced by longhash.com indicated that the Lightning network had 3,884 active nodes with active channels, at press time. Bitcoin [BTC] and Ethereum [ETH] were the only cryptocurrencies with a higher number of active nodes, with 10,603 and 7,580 nodes respectively.

The combined number of active nodes acquired by Litecoin, XRP, and EOS was approximately 3300, an indication of the Lightning Network’s active utilization and rapid growth.

At press time, Lightning Network’s channels held BTC worth over $3 million, equivalent to around 759 Bitcoins. This suggested that the LN’s channel capacity had increased by a factor of 100, since February 2018. The graph below indicates the sum of channels value, since the launch of the Lightning Network.

Source: p2sh.info

According to data from 1ML.com, the Lightning Network had 7,320 nodes, at press time. In February 2018, the number of active nodes in operation was close to around 618. This remarkable growth marked an increase of around 532% since last year.



Source: 1ML

However, a major criticism of the Lightning Network is the possible centralization of a few large nodes. According to Diar, it was observed that 10 of the largest LN nodes commanded over 53% of the network’s capacity.

At the start of 2019, the 20 largest LN nodes had 38% of the network’s capacity. Despite improvements in distribution, over-reliance on larger nodes was still prominent.





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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.

Bitcoin

Bitcoin’s [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek’s CIO

Akash Anand

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Bitcoin's [BTC] current performance shows that it is a great diversifying asset, says Morgan Creek's CIO
Source: Pixabay

The phenomenal rise in Bitcoin’s [BTC] price has excited the cryptocurrency market, with many speculating that the end of the prolonged bear market is near. Many proponents in the cryptocurrency space have also voiced their opinion about how positive fluctuations in the world of digital assets have actually enabled them to outperform the best of the S&P market.

In a recent interview on CNBC’s Fast Money, Mark Yusko, Chief Investment Officer at Morgan Creek Digital Capital, spoke about the rippling effects of the cryptocurrency market and the implications of Bitcoin’s current run. Brian Kelly, CNBC’s famous Bitcoin bull, further added that he hoped people would put their money on Bitcoin. To this, Yusko replied,



“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”

Morgan Creek’s CIO further opined that BTC is a great diversifying asset and that it should be in everybody’s cryptocurrency portfolio. He added that at the end of 2018, many analysts thought that 2019 would be the year when BTC would see a lot of bear bounces. However, the world’s largest cryptocurrency managed to beat expectations. Another argument that he laid out for BTC’s longevity was the predicted credit crisis in 2020, a market shift that is expected to cripple mainstream banking systems.

Despite the coin’s present performance, the ‘king coin’ was hit with some negative news recently after the latest Binance research report hinted at ‘disruption with trading pairs,’ as BTC pairs lost 38.9 percent of its market share. The research stated that out of all the trading pairs, USDT saw the largest net inflow, with a total increase slightly below $1 billion.





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