- The Lightning Network has reached over 5,490 bitcoin payment capacity, the highest it has ever been.
- Transactions in BTC on the Layer-2 payment network have increased by about 63% since January 2022.
- An increase in bitcoin micropayments via the Lightning Network has seen BTC price drop below $23k in early 2023 following a massive rally.
In terms of Lightning Network potential Bitcoin Payments have reached an all-time high, according to channels latest data on the use of this major payment network.
Block Research shows that the critical layer-2 network, which is built on bitcoin, has exceeded 5,490 BTC in capacity. According to the details, this is about 160 BTC more than what was seen on 4 February 2023 shared By Lightning Network statistics.
#lightningnetwork https://t.co/Q0CaYRhLWD saw:
16,093 nodes
76,322 channels
5,332.583 BTC Capacity ($124,790,815)Average node capacity: 0.005 BTC ($117.01)
Last 24 hours:
+27 nodes +409 channels +11.933 BTC ($279,240)#lightning #ln #bitcoin $BTC– Lightning Network Statistics ⚡ (@LNstats) February 4, 2023
Lightning Network Capacity Increases 63% Since January 2022
The benefits of Lightning Network technology, mainly around fast and low-cost micropayments, are attracting more and more people. According to the data, since January 2022, the Lightning Network capacity in terms of BTC has increased by about 63%.
As of January 1 last year, around 3,350 bitcoins were recorded in the payment channels on the protocol. From the data, it is clear that the total network value has declined in November 2021 compared to the all-time highs reached by the bitcoin price. Current Lightning Network capacity is valued at around $128 million in USD – down from over $216 million in the BTC race. to a high of $69,000.
But as on-chain metrics for daily use of the payment network show, the crypto winter saw crypto prices plummet, even as adoption continued. Bitcoin is currently trading above $22,700, after a brief rally last week that ended with the bears mounting a wall near $24,000.
According to CoinGecko data, BTC price is up about 67% from its ATH of $69.044 on Nov 10, 2021. In comparison, (as mentioned above) LN capacity has increased by 63% since January 2022.
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