Lightning Network Rise in Capacity Amid Bear Takeover

  • The lightning network continues to accelerate amid the ongoing crypto downtrends.
  • The average channel size is now 0.088 BTC or $3,290.
  • The network will be needed to grow faster to attain its mainstream objective.

The constant growth of the Bitcoin Lightning Network (LN) continues to accelerate after attaining another milestone undeterred by the ongoing crypto bear market. In particular, the Lightning Network’s total capacity in public channels has hit 4,290 Bitcoin, an increase of 34.6% and +1,102 BTC after Bitcoin’s price recorded the last all-time high of almost $68,000 in November last year.

As of writing, the 4,290 BTC stored in the Lightning Network is equivalent to about $159 million. The data also shows that the number of nodes has increased by 5.8% to 10,339 and the number of channels has increased by 3.4% to 48,701 in the last 30 days.

The average channel size is now 0.088 BTC or $3,290, which is a decrease of 14.6% from the all-time high recorded in November last year. The Lightning Network continues to grow at a rapid pace despite the ongoing crypto bear market and the drop in Bitcoin’s price since its all-time high.

However, although on the right track public capacity is still just $84MM. This is equivalent to about 0.05% of Bitcoin’s $159 billion market capitalization and just a fraction of the $8 trillion global daily trading volume in foreign exchange markets. In order for the LN to become truly mainstream, it will need to see much more growth.

The good news is that the network continues to see an increase in the number of nodes and channels, which is a positive sign for its long-term prospects. With that said, only time will tell if the Lightning Network can live up to its potential and become a major force in the world of payments.

A platform lately revealed:

“Bitcoin Lightning Network capacity in public channels continues to push to new highs, despite prevailing bear market headwinds.”

This news comes after the report of the Lightning Network Daemon (lnd) v0.9.0-beta release, which is a significant release including many new features and improvements such as increased security and privacy, support for multiple chains, and much more.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer