Bitcoin Lightning Network Surges, Thanks to El Salvador

Bitcoin Lightning Network Surges
  • Bitcoin’s Lightning Network capacity has surged, which is now 3,225 BTC.
  • The surge occurred since El Salvador started adopting Bitcoin as legal tender.
  • Bitcoin price is currently at $59,300, according to CoinGecko.

The Bitcoin Lightning Network capacity has reached a new all-time high (ATH) of 3,225 BTC. According to Arcane Research, the surge is due to El Salvador’s adoption of Bitcoin as a legal tender alongside the US dollar.

While the network has been on a continuous hike, El Salvador’s impact has been very pivotal to sustain the momentum. Within the country, businesses are starting to integrate Bitcoin as one of their payment means. 

Recently, a photo showing Germany’s ambassador to El Salvador Monika Witzel de Salazar surfaced. In the photo, de Salazar is seen using the Lightning Network for the first time.

Bitcoin’s Lightning Network is a layer 2 payment protocol developed on top of Bitcoin’s original layer one blockchain. The network has been around since about 2018. Meanwhile, Bitcoin’s layer one underwent the Taproot upgrade, which makes it capable of smart contracts.

At the time of writing, Bitcoin price is at $59,300, according to CoinGecko. Some attribute the market dip to VanEck’s denial of a spot-based Bitcoin ETF license. Others also consider US President Joe Biden’s signing of the new infrastructure bill, which will affect crypto trading in the country.

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