We are in a parabolic period in the crypto market. Some significant platforms have reported outages as a result of that. This includes, to name a few, Robinhood, Coingecko, and Coinbase. The platforms acknowledged the issue raised by users that their balances seemed to be zero and promised to fix it right away.
The downtime was detected on multiple platforms by Down Detector. To remedy the problem, Coinbase went to X and stated that they are aware of the mistakes that can happen while purchasing and selling tokens. Its CEO, Brian Armstrong, made note of the significant increase in traffic the platform was handling. Reflexivity Research co-founder and crypto expert Will Clemente subsequently notified the community that the portal had gone back online.
The increase in the value of the main cryptocurrency tokens is what caused all of this. There has been a significant increase in the value of cryptocurrencies such as BTC, ETH, and SOL. For instance, BTC and ETH have reached the $60,000 and $3,400 benchmarks, respectively. Most users are trying to join the surge of trading activity that has been sparked by this.
The current price of Bitcoin is $62,625.34. That is a 5.87% increase in the previous day. For a brief period, the token did rise beyond $63,000, but it has since dropped to about $62,500. Bulls in Bitcoin believe that the currency will soon surpass its previous all-time high and pave the way for a significant psychological milestone of $100,000.
ETH is testing the $3,400 barrier level, continuing the trend. The token’s listing price is $3,459.87, up 3.43% over the previous day and 14.63% over the previous seven days. According to the Ethereum prediction, ETH may hit $5,000 before the year is over. If the applications for the Spot ETH ETF are approved by the US SEC by mid-year, which is 2024, then it is probably going to become a reality.
SOL’s price has likewise skyrocketed to $128.98. That is a 15.36% rise from the previous day. For a brief period, SOL reached even higher than $130 before dropping back to the base. By the end of 2024, sights aim to reach the $150 threshold.
Platforms have previously reported outages brought on by high visitor levels. The platforms have had to reconsider how they function and how much traffic they can handle each time the parabolic trend has occurred.
As BTC increases as a result of activity in Bitcoin ETFs, experts anticipate significant volatility in the cryptocurrency space. It is described by experts as “violent volatility,” and they advise traders to exercise caution before making large investments in the cryptocurrency space.
With all the sites operational, users can carry on with their regular cryptocurrency-related activities. If a downtime persists, it can be reported to the relevant crypto platform technical teams.
