The crypto market is experiencing a parabolic phase. That has caused some major platforms to report downtime. This includes the likes of Coinbase, Coingecko, and Robinhood, to mention a few. Users on these platforms said that their balances were shown as zero, something that platforms acknowledged and committed to remediating immediately.
Down Detector identified the downtime on several platforms. Coinbase took to X to address the issue, saying that they are aware of the issue and errors while buying and selling tokens. Brian Armstrong, its Chief Executive Officer, highlighted that the platform was dealing with a large surge of traffic. Will Clemente, the crypto analyst and co-founder of Reflexivity Research, later informed the community that the platform was back live.
What led to all this is the rise in the valuation of major crypto tokens. BTC, ETH, and SOL, among others, have experienced a massive hike in the value at which they exchange hands. BTC and ETH, for example, have surpassed the milestones of $60,000 and $3,400, respectively. This has triggered a wave of trading activity, with the majority of the users attempting to get on board.
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BTC is currently listed at $62,625.34. That is a surge of 5.87% in the last 24 hours. The token did surpass the mark of $63,000 for a moment, but it has now retraced to ~$62,500. BTC enthusiasts are bullish that it will soon make up for achieving the previous ATH and set the stage for a major psychological milestone of $100,000.
ETH is following the trend by testing the resistance at $3,400. The token is listed at $3,459.87, a rise of 3.43% in the last 24 hours and 14.63% in the last 7 days. The Ethereum prediction estimates that ETH could reach $5,000 by the end of this year. That is likely to be a reality if the US SEC approves Spot ETH ETF applications by the middle of this year, which is 2024.
SOL has also experienced a soaring valuation of $128.98. That is an increase of 15.36% in the last 24 hours. SOL was even above $130 for a few moments before returning to the base. Sights are set to achieve the mark of $150 by the end of 2024.
This is not the first time platforms have recorded downtime due to large traffic volumes. Every time it has happened, the parabolic trend has caused the platforms to rethink how they operate and how much traffic they can handle.
Meanwhile, experts expect heavy volatility in the crypto sphere as BTC rises due to Bitcoin ETF activity. Experts have defined it as violent volatility and asked traders to take precautionary measures before investing too much in the cryptosphere.
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All the platforms are up and running, enabling users to proceed with their usual crypto-related activities. Downtime, if persistent, can be reported to the respective technical teams of crypto platforms.
