Continuing the extreme bearish sentiment in recent days, the number of transactions on the Bitcoin network has fallen to the lowest level similar to the August 2018 period.

Correspondingly, the average transaction fee plummeted from a recent peak of nearly $60 to around $5.6.

The Lightning Network is arguably the best Bitcoin scaling solution to date, and it has also seen substantial growth.

The current network capacity has slightly exceeded 1,500 BTC.

Not only that, the network nodes, channels, and capacity have reached their respective historical highs.

This growth may be stimulated by the recent adoption of Bitcoin as legal tender in El Salvador, and the two most popular financial applications in El Salvador are Bitcoin wallet types that support the Lightning Network.

Elon Musk, the tech tycoon and the godfather of Dogecoin, finally cleared up some doubts.

In response to Cointelegraph’s criticism of its market manipulation, he said on Twitter as above.

Like many previous tweets, this tweet sent the price of Bitcoin to a high above the $37,000 resistance level.

The biggest question remains: Will this momentum continue to push BTC until it exceeds the $40,000 mark?