Bitcoin is hitting new highs in 2020 as the Lightning Network prepares to welcome new users during the cryptocurrency's bull run.
The price of Bitcoin (BTC), the queen of the cryptocurrencies, In digital markets, it has just broken the $15.000 USD barrier per unit, reaching 75% of its all-time high value of $20.000 USD, seen in 2017. Since Paypal announced that it would integrate cryptocurrencies into its electronic payments platform, the price of Bitcoin has skyrocketed above $13.000 USD, and the recent US presidential elections have traditional and digital markets awaiting its results. The bullish rally currently experienced by the cryptocurrency has taken the price of BTC to more than $15.430 USD, a growth of 9,8% in less than 24 hours at press time.
On the other hand, the routing node operators of the second layer solution for Bitcoin, Lightning Network (LN), are preparing to welcome new users, who generally arrive with bullish trends, to interact with Bitcoin with cheaper fees and faster transactions than on the main network.
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An increase of more than $1.000 USD in 24 hours
Data from data provider CoinGecko reveals that Bitcoin’s growth over the past 24 hours has been 9,8%, going from a value of $14.288 USD at the start of the day, to $15.486 USD at press time. With an increase of $1.198 USD in just 24 hours, Bitcoin reached a new level not seen since 2018, demonstrating a significant move as it continues to signal an upward trend.
Source: CoinGecko
Among the various factors that analysts estimate are driving the cryptocurrency's growth are institutional adoption by major players such as MicroStrategy, Square and Paypal; as well as recognition of its potential as a store of value and alternative currency by financial giants such as JPMorgan and well-known investors such as Mike Novogratz and Jeffrey Gundlach.
Bitcoin's bullish trend has broken a new record in 2020, reaching 100 days with a value above $10.000 USD, a signal that traders are taking as a similar trend to that seen in 2017, when the cryptocurrency reached its highest value so far of $20.000 USD.
Bitcoin, a trend on Google Trends
Google Trends data reveals that public interest in Bitcoin, amid the current bullish trend, has significantly picked up. Searches for the cryptocurrency within this tool indicate signs of FOMO (Fear of Missing Out or fear of missing out) by ordinary people, as Bitcoin is currently one of the most searched topics by Internet users.
Source: Google Trends
At the beginning of October, the global interest in the word Bitcoin (BTC) on Google was 41, while at the time of writing it was 63, with Nigeria being the country where the highest number of searches for the cryptocurrency occur. The metrics revealed by this tool suggest that there will be new users and investors for the cryptocurrency, something that Lightning Network (LN) routing node operators are preparing for.
Lightning Network, faster and cheaper
The routing node operators of Bitcoin's micropayment network, Lightning Network (LN), are preparing their nodes to ensure the provision of an efficient service to new users entering the network amid the bullish trend. It is estimated that the increase in mainnet commission rates, which usually accompany bullish trends, may cause many new users to look for cheaper and more accessible alternatives to start interacting with Bitcoin, with LN being one of the best options available on the market.
This network was designed to improve the scalability features of the main network, allowing for faster and cheaper payments for users. So, since payments on LN cost just a few cents, several routing node operators believe that many users will opt to use LN services as commission rates on the network increase.
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