Bitcoin prices have been fluctuating between $40,000 and $45,000 for a while now. This has been frustrating for market traders and investors during the last week as trade volumes have also declined.
In spite of this, BTC’s Lightning Network has grown steadily regardless of the fluctuating prices. Recently, the network’s capacity touched an all-time high in network adoption. The Network’s 2018 launch has experienced a brisk adoption pace throughout 2021. The goal of the network was to introduce wider scalability for Bitcoin’s ecosystem. This enabled more use cases for a commerce base.
According to reports, the Network’s capacity has reached touched highs and closing in on a capacity of 340o BTC. This number is triple the capacity compared to the same time frame in the previous year. What does the Lightning Network do exactly? It is the principal solution (layer 2) used by Bitcoin to make smaller transfers of bitcoin, cheap and fast. The network’s present capacity is 3400 BTC and $129.3 million in value.
What the network capacity means is that users can send as well as receive ca. $139 million in BTC using available lines. The network experienced exponential growth in adoption rates and higher growth is expected in 2022. Keep in mind that the network serves just a small portion of the BTC market. BTC prices are experiencing a recovery after being in the doldrums for a while. BTC prices were at their low at $36,25o not too long ago.
