Bitcoin’s Lightning Network, a layer-2 scaling solution designed to make $BTC transactions as fast and as cheap as possible, reached has seen its average daily capacity hit a new all-time high last month.
According to CryptoCompare’s latest Asset Report, while the price of Bitcoin fell 37.4% in June to close the month at $19,908, its Lightning Network – which is its primary scaling solution – continued to see its capacity grow to stand at 3,962 BTC at the end of last month.
Total fees paid for BTC transactions decreased by 28.7% to $11.5 million, according to the report, with the average transaction fee falling from $2.01 in May to $1.54 last month. The cryptocurrency’s price has notably since increased to now be close to the $21,000 mark.
CryptoCompare’s report, which tracks price performance and on-chain metrics for five cryptoassets – Bitcoin, Ethereum, Cardano, XRP, and Solana – noted that over the last three months the cryptoassets covered in the report lost half of their value, with BTC being the top performer after losing 56.3% of its value, and Solana being hit the hardest, losing 72.5% of its value.
The report also details that the total value locked on the Solana blockchain fell 37.3% last month to $2.5 billion, the lowest monthly close for the network since July 2021. Per the firm, the drop was “largely due to the declining price of SOL.”
According to CryptoCompare, average daily volumes for BTC/USD dropped 23% last month to $1.12 billion with Binance and Coinbase being the top two exchanges. Its average daily volatility spiked from 14.8% in May to 20.3% in June.
As CryptoGlobe reported, data has shown that investors have been withdrawing BTC from cryptocurrency exchanges at the “most aggressive rate in history” as total exchange outflows in June peaked at 151,000 BTC, worth over $3 billion.
These outflows come as Bitcoin has posted its worst quarterly performance in more than a decade, as in the second quarter of this year it lost around 58% of its value, going from $45,524 to just under $19,000 at the end of the three-month period.
Moreover, the number of active cryptocurrency users at Bank of America has fallen by more than 50% from its peak during the height of the cryptocurrency bull market as cryptocurrency prices plunge and Bitcoin posts its worst quarter in more than a decade.
Featured image via Pixabay