The Bitcoin universe has not seen a flurry of positive news in the last few months due to its stint in the longest bearish market in the history of cryptocurrencies. The silver lining that has kept all the Bitcoin ‘HODLers’ engaged in the bitcoin community has been the Lightning Network, a scaling system or a side change which can facilitate a maximum of 628 BTC worth $2.14 million, at the time of writing.
One of the key applications of the Lightning Network is the payment processing app named OpenNode. OpenNode released their public beta last October with the objective to simplify the gap between Bitcoin and everyday life.
According to CryptoNinjas.net, the team behind the payments app recently announced that it will be reducing transaction fees by offering incentives to the new/existing users an amount of $10,000 worth of free received transactions.
The payments app teamed is optimistic that the announcement will garner a lot of attention from the committee considering on paper it has the potential to effectively increase the popularity of the Lightning Network which can be used for instant and low-cost Bitcoin transactions.
The OpenNode team stated that:
“We believe these credits will benefit those who need it the most: growing teams who need a platform to build great products on a reasonable budget or developers who are looking to experiment with bitcoin’s newest technology.”
The regular activities which will be executed after-no fee credits will also cost a minimum fee of just 1% per authorized transaction.
Marty Bent, the Bitcoin-centric content creator, recently tweeted on the potential of the side chain. He remarked that he had sent a sum of $90 in cryptocurrency in an instant with no-fee or intermediary with a minimum chance of being censored.
A sum of $50,000 worth of free credits was also offered by OpenNode to projects and non-profit entities that need the assistance.
The app team stated:
“We hope these changes show how serious we are in showing the world that bitcoin can be used for every day. Our goal is to continue building the simplest products in payments and show the accepting bitcoin is better, more affordable alternative than anything that currently exists.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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