Lightning network capacity reaches new all-time high
- Lightning Network capacity reached a new all-time high, increasing the scaling capacity of Bitcoin.
- CryptoCompare Asset Report reveals that despite the Bitcoin massacre, Lightning Network capacity has increased over the past month.
- Reversing the Bitcoin trend could push BTC to the $ 25,000 level.
Bitcoin’s Lightning Network capacity has officially reached a new all-time high, which increases the scaling capacity of Bitcoin. Lightning Network is a layer-2 scaling solution designed to make BTC transactions faster and cheaper. Lightning Network’s average daily capacity crossed 4,167, based on data from Bitcoin Visuals.
CryptoCompare’s latest asset report revealed that the Bitcoin price has fallen in noise, posting almost 40% loss in June 2022, while Lightning Network capacity continued to rise. At the end of June 2022, the capacity of the Bitcoin scaling network reached 3,962 BTC.
The total fees paid for Bitcoin transactions have declined in the last month, with the rapid introduction of the Lightning Network. In the last week of June, Lightning Network released a number of updates. The improvements to the protocol have reportedly improved the security and functionality of the network.
In related news, the Australian Baseball League’s most successful club, Perth Heat is set to integrate Bitcoins Lightning Network into its business. Perth Heat has partnered with Lightning Infrastructure company IBEX to bring sales terminals to the Empire Ballpark baseball stadium and engage with fans inside and outside the stadium.
The Bitcoin price fell to the demand zone between $ 19,000 to $ 20,500, in the recent crash. This move prepares Bitcoin for a potential reversal in the short term. If bulls take over, the Bitcoin price could rise to test the $ 25,000 level again. If the Bitcoin price stays above the demand zone, the asset may continue its upward trend. However, a daily candlestick approaching below the $ 19,200 level may trigger a downward trend.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. No information in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
