bitcoin

Lightning Network: Capacity Surpasses Record 4,800 BTC


Lightning Networkthe second layer of Bitcoin, comes from broke his new recordbringing capacity at 4800 BTCthe equivalent of $92 million at the time of writing.

Lightning Network Breaks Its Record: Capacity Reaches 4800 BTC

Undeterred, Bitcoin’s Layer 2 capability, Lightning Network (LN), continues to soar as it surpassed its record earlier in the day, reaching 4800 BTCthe equivalent of $92 million.

“17,815 knots

86,338 channels

Capacity of 4,800.829 BTC ($91,831,031)

median node capacity: 0.005 BTC ($95.64)

24h past: +19 nodes +440 channels +14,234 BTC ($272,268).”

A new step for Lightning Network, which only last month, had recorded a capacity of 4500 BTC, the equivalent at the time of 104 million dollars.

It’s true, while the number of Bitcoins locked on LN’s channels has increased (from 4500 to 4800 BTC), the dollar equivalent seems to have fallen instead, due to the lower price of BTC. Bitcoin price has been hovering below $20,000 for exactly 5 days, without even touching it anymore.

Lightning Network: What does 4800 BTC capacity mean?

The Lightning Network’s new capacity record of 4800 BTC means that these Bitcoins can be used in the second layer, enabling ever faster and cheaper transactions.

Based on its worldwide cast, LN appears to confirm the August rankings, with slightly changed numbers.

Leading the way continues to be the United States with a capacity of 2586 BTCalmost 300 BTC more than the previous month, then followed by Germany with 370 BTC15 BTC more than in August, and Canada with 139 BTCminus 12 BTC from last month.

Among these new 4800 BTC, there are also the 19 Italian BTC, which move from 17th place in the ranking to 15th.

Looking at the podium of the countries that contribute the most BTC to the capacity of the Lighting Network, it is also useful to look at the number of nodes and channels that are deployed. The United States recorded 1,440 knots and 23,263 channels, Germany 485 knots and 7,417 channels and, finally, Canada with 350 knots and 3,406 channels.

Paolo Ardoino and the Arcane report

Two months ago, Paolo ArdoinoCTO of the Bitfinex crypto exchange, describe how BTC’s LN works.

According to Ardoino, while critics talk about Bitcoin’s scalability and speed issues, this continuous increase in capacity seems to be exemplify the confidence of the masses with a surge in Lightning Network adoption.

And indeed, the CTO of Bitfinex, rightly predicts that it will be the Lightning Network that will increase bitcoin paymentsa bit because many users who use wallets such as Chivo from El Salvador, do not know that they are using the LN network when transacting BTC.

Moving on to the results of the Arcane Research reportestimates showed that until last summer there were only 100,000 LN users worldwidewhereas since then this number has literally exploded.

And in fact, it appears that in March over 80 million people accessed payments on Lightning Network through the app.

Bitcoin under $20,000

As Lightning Network expands its capacity, the price of BTC over the past 5 days has remained below $20,000, not quite touching it. Not only that, over the past month the price of Bitcoin has been below $20,000 more times than it has been above. Far from the $24,000 in mid-August or the $30,000 in early June.

Even the Fear and Greed Indexwhich measures the general feeling towards the queen of cryptocurrencies, scored 28 (Fear).

This means that despite increases in LN and general confidence, if the price of the asset crashes, people will unfortunately be influenced by this event in a negative way.

Indeed, the price crash can be seen as FOMO (Fear of missing something) and it is this strong emotion of fear, greed or general hype that drives people’s actions at that time, making everything more negative than it already is.


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