CNBC Trader claims that the lightning network is the reason behind the latest surge in the Bitcoin price. Following the coming altcoin news, he is not the only one who thinks so.
During his weekly blockchain coverage, the CNBC trader hosted a series of cryptoanalysts and enthusiasts to analyze the reason behind the sudden price surge. Bob Iaccino is the chief market strategist at the Path Trading Partners. He joined the discussion yesterday and explained his opinion on why the price of the largest cryptocurrency doubled so far.
CNBC reporter Seema Mody explained that ‘’two large crypto trading desks’’ told her that all of the traders who purchased bitcoin in 2016 and sold in 2018 have returned to the crypto market in 2019 and are ready to invest. She also asked Bob Iaccino for an opinion and he stated:
“Well it’s entirely possible. I don’t have any more direct insight, me being more of a futures and equities guy, as to who’s actually doing the buying. I do believe I know part of the reason why, and that has to do with the inception and application of software called the Lightning Network.”
The Lightning Network as previously explained in our latest cryptocurrency news is a second-layer scaling technology that crypto developers strongly believe will allow Bitcoin first and later other cryptocurrencies, to scale better and improve their on-chain capabilities. By moving the transactions off the chain, the LN allows the users to transact anonymously, instantly and with low cost.
Iaccino continued to explain that the lightning network will actually make the smaller transactions to conduct much easier for those who hold Bitcoin:
“Where you look at Visa, who can transact 65,000 transactions per second, bitcoin’s [prior level] was about seven, and now with the implementation of the Lightning Network you can actually get these smaller transactions off the blockchain network, making adoptability of bitcoin as a currency a lot easier.”
While we are waiting for the Lightning Network to progress, the mechanism is far from ready for mainstream adoption. There is also little evidence that benefits this technology and there is also no evidence that claims the LN has anything to do directly with the price surge.
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