The Bitcoin lightning network is growing at a rapid pace. The capacity of the network at press time has reached 2,738 BTC, which is commendable. Reportedly, the network has seen the two largest upticks in capacity over the last week. The stupendous growth is of utmost importance for BTC to make the transition from being a store of value to a medium of exchange.
Bitcoin’s lightning network is currently at an ATH capacity which is equivalent to $116.3 million in value. Moreover, Glassnode has launched the lightning network metrics to its studio. With this users will now have access to real-time statistics. Which include total capacity, mean/median channel size, lightning network node, and channel counts.
How Bitcoin Lightning Network Can Assist Bitcoin In Competitive World
Well, lightning network is a “layer-2” payments protocol that is on top of the blockchain-based currency Bitcoin. The aim of the network is to enable faster transactions yet at lower costs. However, netizens believe that the network can handle millions of transactions. And the network is performing exceptionally well ever since its inception in 2018.
The fundamentals of the lightning network are of vital importance. As these tend to solve most of the shortcomings of the Bitcoin network, the major one being scalability. Bitcoin’s lightning network is playing a pivotal role in the mass adoption of digital currency. And its growing acceptance.
Bitcoin’s growing acceptance in El-Salvador is possible because of the layer-2 network and its capabilities. As it is widely known that Bitcoin can process only about 7 transactions per second. Which makes it inadequate to work as a payments platform for a nation with growing BTC adoption.
Coinpedia reported earlier the possibility of a Bitcoin wallet address being added on Twitter. Along with Ethereum’s wallet address, for enabling users to send or receive tips. The transactions here are possible by the lightning network. As we are well aware of the user base of the social media platform.
Summing up, Bitcoin’s lightning network can incentivize retail adoption. Provided the existing loopholes such as routine fees, opening and closing charges will be rectified in future upgrades. Talking about upgrades, the Taproot upgrade could go live by end of the year. Which is ought to bring in better privacy, and transparency. And smart contracts will be an added benefit for the star crypto along with the lightning network.
Bitcoin Weekly Forecast December 6 — 10, 2021
Bitcoin BTC/USD ends the trading week at 55380, continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53605. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 77255.
Bitcoin Weekly Forecast December 6 — 10, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week December 6 — 10, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 46355 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 40505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 65005.
Bitcoin Weekly Forecast December 6 — 10, 2021 suggests an attempt to support area near the level of 53605. Then, the cryptocurrency will continue to rise to the area above the level of 77255. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 46355 area. In this case, we should expect a continued decline with a target at 40505.
Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses
- Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
- 17% losses at one point were measured.
- Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.
Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.
Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market
Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.
The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.
Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.
Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.
ETH/USD Daily Ichimoku Chart
The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.
Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.
Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin
A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.
Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.
“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys.
If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.
I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”
At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.
Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.
According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.
“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”
At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.