Is Bitcoin’s [BTC] price recovery being supported by Lightning Network’s growth

ambcrypto.com:

Bitcoin, the largest crypto recovered a respectable $60 billion in a day as the price reclaimed $30K. Indeed a relief after recording nine consecutive weeks of losses, extending its record-breaking losing streak. Talking about upticks, theLightning Network (LN)- BTC’s scalability partner- just got a bit faster as well.

Yes, BTC underwent a significant chuck of sell-offs this year given the bearish narratives. Despite that, the Bitcoin Lightning Network capacity attained an all-time high as per data from Bitcoin Visuals. As per the graph, the network attained a high of 3915.776 BTC.

Source: Bitcoinvisuals.com

This chart shows cumulative bitcoin capacity across all channels. Lightning nodes open payment channels with each other, especially those funded with bitcoin. When transactions, across those channels, the channel balance is reflected without having to broadcast a transaction on chain. This creates a second layer on top of the bitcoin network that expands it capabilities.

This can, indeed, be considered as a significant victory for the largest coin and the cherry on the top is that it fights against scalability issues. Bitcoin’s infamous scalability measure has ever since been able to maintain an upward trajectory in terms of expanding its capacity.

Different real-time lightning network factors, such as the number of nodes, channels, and capacity, showcased green flags data from 1ml.

Source: 1ml

All other aspects of the Bitcoin Lightning Network grew parallel to Bitcoin’s global adoption drive.

Well, BTC, certainly, took advantage as evident from BTC’s price. It rose back to $30.7k during the opening hours of 30 May. Altcoins, too witnessed some surge. But one needs to watch these levels before diving in as highlighted by