The flagship of the crypto market, Bitcoin (BTC) is currently used as a store of value rather than a means of exchange. The rise of the BTC price and the cost of trading in the past caused this. However, some updates, such as the Lightning Network, are definitely starting to change the situation.
The reach of Lightning Network, Bitcoin's scalability solution, reached millions. According to average estimates, 80 million cryptocurrency users are reported to have access to Bitcoin's Lightning network.
This means an increase of 79,900% in 1 year and a record was definitely broken in this regard. The reason why the access to the Bitcoin Lightning network has increased so quickly is known as the applications in the market. The fact that countries and institutions use more BTC and bring BTC solutions to the fore has enabled applications such as Cash App to use the Lightning Network.
According to the information provided by Arcane Research, this is the main reason why at least 80 million people use the Lightning Network. A year ago, the number of people using the Bitcoin Lightning Network was around 100,000, and the current growth certainly seems to be record breaking.
Lightning Network, which was previously used only manually or thanks to Chivo and Paxful applications, has now evolved into applications such as Cash App and acceleration has increased.
Bitcoin price is priced at $40.219.89 at the time of writing, according to CoinGecko data. Bitcoin (BTC) last 24-hour trading volume is $16,255,262,825. Bitcoin (BTC) price is down -0.4% in the last 24 hours.