The largest crypto by value, Bitcoin, saw a spectacular $60 billion recovery within a day after the crypto reclaimed the $30,000 mark. That meant a relief following nine successive weeks of plunges that had BTC extending its losing streak record. Amidst recovery, Bitcoin’s scalability partner, the Lightning Network (LN), got faster.
The Lightning Struck
Bitcoin suffered significant sell-offs in 2022 due to persistent bearish developments. Meanwhile, BTC Visuals data shows the Bitcoin Lightning Network hit an ATH. The graph indicates the network touched the 3915.776 BTC high.
Meanwhile, the chart presented cumulative BTC capacity on all channels. BTC-funded Lightning nodes unveil payment gateways with one another. Users transacting across the mentioned channels can see channel balances without broadcasting a transfer on-chain. That ensures the 2nd layer on the BTC network, expanding its capabilities.
That can mean a significant win for the dominant crypto amid the fight against scalability problems. BTC’s scandalous scalability gauge has since maintained an upside trajectory in increasing its capacity.
Different real-time factors within the lightning network, like the number of channels, capacity, and nodes, presented green flags. Other BTC lightning network facets grew, matching BTC’s worldwide adoption drive.
Thunder Hit Here Too
Well, Bitcoin price capitalized on the developments. The crypto climbed back past $30.7K on May 30. Also, alts surged at the highest pace in several weeks. Bitcoin extended the upside move with a 3.12% surge to $31,641 at this publication. Enthusiasts wait to see whether the asset will maintain the upside trajectory in the upcoming hours.
Dominant holders also contributed to Bitcoin’s upswings. Whales scooped BTC more aggressively than during the 2020 pandemic crash or bear market of 2018. CryptoQuant CEO Ki-Young Ju commented that Bitcoin’s previous accumulation phase (2020) lasted six months.
He trusts Bitcoin was on another accumulation period in May 2022 as institutions that catalyzed the 2021 bullish run purchased within the $25K – $30K range. The CEO believes investors should go beyond fear and buy. Will you?
What are your opinions about the ongoing recovery in the crypto market? Will Bitcoin sustain the leg up? You can comment in the section below.