Bitcoin Price Surge Spikes Lightning Network Value Up Over $5 Million Capacity
Bitcoin Lightning Network, the layer 2 protocol designed to solve the scalability problems of Bitcoin, has now reached a record $5 million capacity following the recent surge of the price of bitcoin (BTC) to nearly $5K, according to reports published April 2, 2019.
Bitcoin Lightning Network Aiming For The Moon
Per data available on 1ML, the Lightning Network search, and analysis engine, the Lightning Network bitcoin transaction capacity has increased by 44 percent over the past month.
At the time of filing this report on April 2, 2019, the Bitcoin Lightning could support 1,062.72 BTC ($ 5,104,685), which is an all-time high in the history of Lightning, in both BTC and USD terms.
That’s not all; the number of nodes on the Lightning Network has also surged by 11.75 percent to 7,778, while the total number of channels has also reached 39,119, representing a massive increase of 23.9 percent, as compared to what it was in March.
Lightning Gaining Traction
The latest bullish figures are not surprising, given that the Lightning Network developers have been hard at work creating new solutions to make the network more efficient.
As reported by Bitcoin Exchange Guide earlier in March 2019, the Lightning team announced the launch of Lightning Loop, a non-custodial solution that is aimed at improving the channel capacity limits of the network.
“Announcing the alpha launch of lightning Loop, a non-custodial service that makes it easier to receive #bitcoin on Lightning. With Loop, users can get inbound capacity and withdraw from Lightning while keeping channels open,”
tweeted Lightning Labs at the time.
Other exciting solutions powered by Lightning has also been integrated into the network, including a tool that makes it easier for people to pay with bitcoin via Lightning when they order for pizza at supported restaurants in the U.S., and the solution will go live in the Europe and Canada soon.
Lightning Torch Keep Traveling Around the World
Earlier in February 2019, an individual bearing the pseudonym “Hodlonaut” launched the Lightning torch relay, in a bid to test the strength of the Bitcoin Lightning Network and also create some awareness about the solution.
“The reason I started the LN Trust Chain was to have some fun with the Lightning Network and maybe spread more awareness. I thought it would maybe do five or six hops and then die, without many people noticing,”
Hodlonaut said at the time.
However, the Lightning Torch relay has been hugely successful so far, with more than 139 people across 37 countries taking part in the challenge.
Reportedly, several notable personalities in the cryptospace have participated in the challenge, including Litecoin creator, Charlie Lee, CEO of Square and Twitter, Jack Dorsey, BitPesa CEO, Elizabeth Rossiello and the latest holder of the LN Torch is Bitcoin Developer, Marco Falke.
With the price of bitcoin already trying to surpass the $5k mark and potentially usher the entire crypto markets into the bull zone, it is expected that more users will soon join the Lightning bandwagon to the moon.