Bitcoin’s (BTC) Lightning Network (LN) Continues To Surge Ahead As Crypto Market Values Nosedive
The market reactions of the last few days can generously be described as messy. The continuous price drop has seen many seriously doubt the place of primacy that most had expected Bitcoin to take in leading the crypto sphere. However, recent data suggests that while most in the industry are losing their head, Bitcoin Lightening Network has kept theirs and is able to support Bitcoins continues momentum for mass adoption.
What is the Lightning Network
For those who are unaware, The Lightning Network was conceived about a year and a half ago, solely to find a workable solution to the scalability issue with bitcoin. Built atop the Bitcoin network, this is an off chain layer that the end users utilize for peer to peer interactions.
This is all done using channels that do not have access to the main blockchain ledger and only once the transaction has been completed, the channel is closed off, does the data get updated on the ledger. This allows increasing the capacity of the network as there is no need to constantly worry about updating the ledger. Furthermore, even high volume trades can be processed at a fast transaction processing speed on this network.
Bitcoin Network Capacity: Raising Against the Tide
The Lightning Network has been around for a while now, however it has garnered a lot of attention recently. With a lot of recent projects on the network, the last six months has seen its capacity increase dramatically. In fact, since the start of October, this capacity has almost doubled in capacity.
In terms of numbers, the network’s capacity has grown to about $2 million, the number of nodes has touched 4,100 while its channels are about 11,500. All these strides are being made since July and the genial growth is a positive indicator of how in terms of general adoption the currency is gaining ground.
There is one Leader Bitcoin
The last couple of weeks have been dominated by the sliding prices and the civil war between the two factions of Bitcoin Cash, ABC and SV. The market volatility that stated on the 14th of this month, has seen Bitcoins price fall by as much as 20%. This has, unfortunately, time to coincides with the harsh war which is the direct result of Bitcoin Cash’s hard fork on the 15th of November. In its path of destruction, most of the cryptos have shrunk and the prices have significantly dropped industry-wide.
All this time the Lightning Network has seen an unimaginable capacity growth. All the drama has not affected Bitcoin in terms of its leadership position either, in fact, Bitcoin has added a percentage point to its overall dominance in the market. It holds an astounding 53%. of the market share, an astounding $77 billion in pure dollar terms of market capitalization. With continuous innovation this should be a healthy lead that is not only maintained but might even be expanded on.