Bitcoin Lightning Networks starts 2019 Off Strong
Even though the cryptography market has just moved since the New Year, except for Sunday's surge, Bitcoin's fundamentals have continued to outperform, starting in 2019 with a proverbial bang. In this case, for the data of the Bitcoin 1ML analysis provider, routed through the crypto trader Ride The Lightning, the capacity of the Lightning network increased by 23% in the last month.
For those who missed the note, the Lightning network is a second-level scaling solution that facilitates low-cost, almost instant, scalable and secure transactions. The downsizing solution can now ease 557.58 BTC ($ 2.265 million US dollars at current prices) for transactions at maximum capacity – not a small amount to say the least.
The ability of the Lightning network continues to grow. pic.twitter.com/Mgi2lC20NX
– RideTheLightning⚡️ (@MediumSqueeze) 6 January 2019
This recent development comes just two weeks after the network, supported by Blockcha's blockchain development consortium, has exceeded the 500 BTC milestone. Thus, it seems that not only growth has continued, but it seems to accelerate, even amid the downward conditions in the wider cryptocurrency market.
And frankly, the lightning network is not an old pony show. Just recently, the crypto-friendly pseudonym artist CryptoGraffiti has sold a micro-painting of a Black Swan made of US dollars – probably a harmless blow to the centralized financial world and Bitcoin's potential to usurp him – on the Lightning network for $ 0.000000040.
However, this is not the only piece of fundamental news that Bitcoin advocates should celebrate. As reported previously by Ethereum World News, the statistics compiled by Jameson Lopp, the Home Technology officer and an important Bitcoiner, have accentuated the fact that while the value of the top cryptocurrency has fallen from $ 16,000 on January 1st to $ 3,150 on December 14, the blockchain itself and its surrounding ecosystem saw monumental growth levels.
More specifically, the subreddit of / r / bitcoin has seen a 61% increase in members, while the Bitcoin domain has recorded a recovery from historical lows of 32.5% to a yearly high of ~ 58%. Hashrate even doubled, contrary to the harrowing news of the mainstream media.
To make a long story short, Bitcoin is going better than ever, despite falling prices.
Bloomberg: "BTC's technical caliber becomes positive"
Short-term technicians also painted a positive image for BTC. For Bloomberg's Reade Pickert reports, after BTC exceeded $ 4000 for the first time since Christmas / Christmas Eve, technical data has begun to become positive for the resource.
The Directional Movement Index, which follows market trends, has crossed a positive zone for the first time since mid-November, "putting an end to the very strong Bitcoin sales series." Pickert said that the business could enter a new "positive purchase phase", "which could catalyze a rally rally in the near future." Mati Greenspan, the expert in internal encryption at the Tel office EToro's Aviv, echoed this upside sentiment, saying to Bloomberg:
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.
This is not the only positive measure for Bitcoin to which Bloomberg has recently attracted attention. According to our previous reports, the outlet claimed that the GTI indicator Vera Convergence Divergence is suggesting that BTC has entered the "longest purchase phase in six months". In terms of industry fundamentals, sources have stated that the Japanese Financial Services Agency is trying to approve the encryption. Sustained ETFs, which could trigger adoption and push this market longer in the long run.
Title Image Courtesy of Alex Dukhanov on Unsplash