The largest cryptocurrency, Bitcoin, recovered a remarkable $60 billion in a single day as the price recaptured $30,000. After the coins’ record-breaking losing skid was extended to nine weeks, it’s a welcome comfort. The Lightning Network (LN), BTC’s scalability partner, has just gotten a little faster when it comes to upticks.
Thunderstorms have been seen.
Given the negative narratives, BTC has seen a large amount of selling this year. Despite this, according to Bitcoin Visuals, the capacity of the Bitcoin Lightning Network has reached an all-time high. The network reached a high of 3915.776 BTC, as shown in the graph.
This graph depicts the total capacity of bitcoin across all channels. Lightning nodes, particularly those sponsored by bitcoin, establish payment channels with one another. When transactions are made across those channels, the channel balance is updated without the need for a transaction to be broadcast on the chain. This adds a second layer to the bitcoin network, allowing it to enhance its capabilities.
This is, without a doubt, a big victory for the largest coin, and the cherry on top is that it combats scalability difficulties. Since then, Bitcoin’s infamous scalability metric has been capable of maintaining an upward trajectory in terms of capacity expansion.
Green flags data from 1ml was displayed using several real-time lightning network characteristics such as the number of nodes, channels, and capacity.
The Bitcoin Lightning Network’s other features grew in lockstep with Bitcoin’s global acceptance.
Thunder also erupted in this area.
On the other hand, BTC benefited, as evident from BTC’s current price. During the first few hours of May 30, it climbed back to $32,222. Altcoins, too, have seen some growth. However, as Santiment pointed out in a tweet on May 30, one must keep an eye on these levels before plunging in:
“BTC climbed back to $30.7k in the early hours of Monday.” Altcoins are also increasing at the fastest rate in a few weeks. We’ll be looking to see if trajectories continue to rise during prime trading hours and whether whale transactions take up in the next 6-8 hours.”
Dominant holders have also contributed to the rise of BTC. Whales bought Bitcoin more actively than they had during the COVID-19 meltdown in 2020 or the bear market in 2018.
As per another Twitter handle, BTCfuel, the Bitcoin whales are accumulating bitcoins even more aggressively than during the 2020 COVID-19 crash. The handle predicted a V-shaped recovery to $ 38,000 to $ 45,000 soon.
Based on the chart, they came up with the following conclusion tweet: “Today I took a look at this #Bitcoin chart myself and adjusted it a little bit. On the bottom I added a count of seemingly similar stages. It looks that we are at a similar stage as the covid 2020 crash. A sharp V-recovery to the 38-45k area is a possibility in the near future”
Ki-Young Ju, the CEO of CryptoQuant, told the following story:
“The most recent BTC accumulating phase ended in mid-2020 and lasted 6 months. To me, it’s clear that $BTC is in an accumulation phase as of May 2022. Institutions who fueled the 2021 bull market also purchased in this $25-30k area. Why not make a purchase? “I have a serious question.”