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Bitcoin the new year is starting out strong with not only a price increase to over $ 4000, but also an increase in the capacity of the Bitcoin lightning strike network. According to data from the Bitcoin analysis provider 1ML, the lightning strike capacity increased by 23% in the last month.
For those who do not know, the lightning network is a second-level scaling solution applied to the Bitcoin blockchain. Currently, Bitcoin onchain transactions are too slow and expensive when the network experiences high volumes of transactional activity.
This was experienced firsthand in December 2017, when Bitcoin reached a record high of nearly $ 20,000. With Bitcoin lightning networkBitcoin transactions can be processed off-chain to provide low-cost, almost instant, scalable and secure transactions.
The growth of the Lightning network is accelerating
Currently, the highly anticipated scaling solution can facilitate 557.58 BTC transactions at maximum capacity. This equates to about 2.23 million US dollars at current prices, which is not a small amount.
The famous influencer of Crypto "RideTheLightning" has captured a screenshot of the ability of the lighting network and presented it via Twitter:
The ability of the Lightning network continues to grow. pic.twitter.com/Mgi2lC20NX
– RideTheLightning⚡️ (@MediumSqueeze) 6 January 2019
The Bitcoin network is not only growing, but also its growth is accelerating. Only 2 weeks ago, Blockstream, a blockchain development consortium that contributes to the Bitcoin lightning network, has exceeded the milestone of 500 BTC.
Therefore, it seems that the growth of the lightning strike network is not only contending but also accelerating, despite the bearish sentiment and the conditions in the overall cryptocurrency market.
Bitcoin is flourishing despite falling prices
Not only has the accelerated growth of positive news from the Bitcoin lightning strike network for the nascent class of digital assets, but also the blockcoin and the Bitcoin ecosystem as a whole have experienced significant levels of growth. Such as previously reported by IIB, Bitcoin is stronger than ever.
To give some examples;
- The subreddit of r / bitcoin has seen a 61% increase in members.
- The dominant position on the Bitcoin market has risen from its historical low of 32.5% to an annual maximum close to 58%.
- Bitcoin's hashrate doubled, contrary to what the mainstream media say.
- The price of Bitcoin has dropped by just over 80%, while most of the altcoin has fallen well over 90%.
All in all, despite the drastic reduction in Bitcoin prices, it's going better than ever.
Bitcoin technical indicator that becomes bullish
Apart from the solid fundamentals of Bitcoin, technical analysts are starting to become bullish on Bitcoin, at least for the short term. Reports from Reader Pickert of Bloomberg indicate that since Bitcoin exceeded $ 4,000 for the first time since Christmas, rankings have started to become positive.
A tool used to track market trends known as the directional movement index has crossed a positive zone for the first time since Bitcoin broke the $ 6,000 level in mid-November last year. According to Pickert, this marks the end of a very strong sales series and could be the transition to a positive buying phase.
Moreover, Mati Greenspan, the expert in encryption at the eToro Tel Aviv office, shared this upside perspective with Bloomberg, stating:
"In technical analysis, this makes these levels very strong … But I think that only once we see a strong break above 5,000, 6,000, if we exceed 7,500, that's when people start turning really bullish" .
Another report of Bloomberg stated that the convergence divergence indicator GTI Vera is suggesting that Bitcoin has entered its longest series of purchases in 6 months.
Therefore, not only the fundamentals of Bitcoin are bullish for its price, but the technicians also seem to point in that direction. However, no one knows for sure where the price of Bitcoin will go. All we can do is speculate and wait and see.
Are you confident about Bitcoin? Is the cryptocurrency bear market finished? Or will Bitcoin's bullish sentiment be short-lived? Let us know what you think in the comments section below.
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