Connect with us

Bitcoin

Bitcoin [BTC]’s Lightning Network capacity is now worth over $2 million

Avatar

Published

on

Bitcoin [BTC]'s Lightning Network capacity is now worth over $2 million
Source: Unsplash

Bitcoin’s Lightning Network [LN] is growing faster than expected as the network capacity has increased to a massive 575 BTC worth $2.04 million.

Lightning Network was a solution that would help Bitcoin scale and handle all the transactions and new users that were pouring into the Bitcoin buzz. The LN adds another layer to Bitcoin’s blockchain and allows users to create a channel between users who can then transfer money in a two-way fashion with infinitesimal or no fees.

Lightning Network, since its inception, has grown massively and gained a lot of traction and become mainstream as it is instant and more secure.

As per the data obtained from 1ML, at the time of writing, the number of nodes for LN is at 5,376, which has increased by 20% since last month. The number of channels on the LN main net has also increased by a massive 42.7% in the last month and is currently at about 20,000 channels.

The network capacity has also increased by 21% and is currently worth up to 575 BTC i.e., approximately $205 million worth of BTC is currently on the Lightning Network main net. However, the node countdown is just a few hundred short of reaching a million.

However, these stats are different in comparison to a tweet by a user, @khannib. According to him, the total number of channels open as of January 14, 2019, are ~24K. Moreover, the total BTC value in all channels adds up to $582 BTC i.e., 2.06 million.

@BitfuryGeorge, a Twitter user commented:



“cant wait for the time when I open up my Lightning wallet ; transfer my BTCs and provide liquidity for massive number of micro-transactions.. Hey @rogerkver your deam of buying starbucks coffee for close to no fees –> coming up:”

@khannib tweeted:

“Less than 1 year ago, the Lightning Network crossed 1 BTC in channel capacity. Now it’s at 581 BTC. What will it be at in 2020?”

@JuanSaieh, a Twitter user commented:

“Redirecting revenue from miners to routing entities. Its not going to work. Anyone who understand bitcoin knows that miner bussines is sacred. The only problem that bitcoin solves is the double spending prevention.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

Published

on

'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending