Bitcoin Price Prediction as Lightning Network Growth Reaches 1,000% in Two Years – Adoption on the Rise?
As the digital gold rush continues, Bitcoin remains at the forefront of the crypto landscape. Despite a recent hiccup where it struggled to breach the $28,000 threshold, dropping to $27,100 on Wednesday, enthusiasts remain optimistic.
The entire cryptocurrency market cap stands at a staggering $1.05 trillion, though it witnessed a dip of 1.50% in the past day. Currently priced at $27,100, Bitcoin's modest uptick may find its roots in the subtle recovery of the US stock markets.
Furthermore, with the Lightning Network boasting a phenomenal 1,000% growth in just two years, the question on everyone's lips is: Are we on the brink of a widespread Bitcoin adoption?
Moreover, investors are cautious and refrain from taking strong positions due to escalating global tensions.
Notably, the ongoing Israel-Hamas conflict is having a more severe impact than initially anticipated, potentially influencing the world economy. This could be seen as one of the key factors that kept the BTC price lower.
According to a recent study by River, there has been a 1,212% surge in transactions on Bitcoin's Lightning Network since August 2021. In August 2023, a total of 6.6 million transactions were recorded.
This significant growth can be attributed to various factors, with activities such as gaming, social media tipping, and streaming contributing to 27% of the overall increase.
Despite a 44% drop in Bitcoin's price and a 45% decrease in interest, the growth of the Lightning Network has been impressive. It's also worth noting that the average Lightning transaction size is around $11.84, enabling small payments over the internet.
River estimates that there are between 279,000 and 1.1 million monthly active Lightning users as of September 2023.
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