- The Lightning Network has reached over 5,490 Bitcoin payments capacity, an all-time high.
- Transactions in BTC on the Layer 2 payments network have increased by approximately 63% since January 2022.
- The increased Bitcoin payments via the Lightning Network come as the BTC price has fallen below $23,000 after a significant rally at the start of 2023.
The Lightning Network’s capacity in terms of Bitcoin across payment channels has reached a new all-time high, according to the latest data on usage for this major payment network.
Block Research shows that the important layer-2 network, built on Bitcoin, has seen its capacity increase to over 5,490 BTC. This is approximately 160 BTC more than was observed on February 4, 2023, according to the details. subscriber by Lightning Network Statistics.
#LightningNetwork https://t.co/Q0CaYRhLWD Note:
16,093 knots
76,322 channels
BTC capacity 5,332,583 ($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 dollars– Lightning Network Stats ⚡ (LNstats) February 4, 2023
Lightning Network capacity increased by 63% since January 2022
The benefits of Lightning Network technology, mainly around fast and low-cost micropayments, have attracted increasingly more people. According to the data, the capacity of the Lightning Network in BTC terms has increased by approximately 63% since January 2022.
Approximately 3,350 bitcoins were registered in payment channels on the protocol on January 1 of last year. From the numbers, it is clear that the overall value of the network has decreased compared to when the Bitcoin price hit an all-time high in November 2021. The current Lightning Network capacity in USD is around $128 million — down from over $216 million when BTC raced to $69,000.
But as on-chain metrics of the payment network’s daily use show, there was continued adoption even as winter saw cryptocurrency prices crash. Bitcoin is currently trading above $22,700 after a brief rally last week with bears forming a wall near $24,000.
According to data from CoinGecko, bitcoin is still roughly 67% of the ATH of $69,044 reached on November 10, 2021. In comparison (as mentioned above), LN capacity has increased by 63% since January 2022.
Find out more about the Lightning Network here.