Crypto Quill

The crypto market has witnessed a remarkable rally in the past few days, with major tokens like Bitcoin, Ethereum, and Solana reaching new highs. However, this surge has also put a strain on some of the leading crypto platforms, causing them to experience downtime and errors.

Coinbase and Others Report Outages

One of the platforms that faced technical issues was Coinbase, the world’s largest publicly traded crypto exchange. According to Down Detector, a website that tracks online service outages, Coinbase had over 2,000 reports of problems on Friday, March 1, 2024. Users complained that they could not access their accounts, buy or sell tokens, or see their balances. Coinbase acknowledged the issue on Twitter and said it was working to resolve it as soon as possible. Brian Armstrong, the CEO of Coinbase, attributed the problem to a large surge of traffic on the platform.

Coinbase was not the only platform that suffered from the crypto rally. Other popular platforms like Coingecko, Robinhood, and Binance also reported downtime and errors on their websites and apps. Coingecko, a crypto data aggregator, said it was experiencing high server load and asked users to be patient. Robinhood, a trading app that offers crypto trading, said it was aware of some issues with crypto trading and was investigating the cause. Binance, the world’s largest crypto exchange by volume, said it was experiencing delays in order processing and withdrawals.

Crypto Prices Reach New Levels

The technical issues on the crypto platforms were triggered by the unprecedented rise in the prices of major crypto tokens. Bitcoin, the leading cryptocurrency, surpassed the $60,000 mark for the first time since November 2023 and reached a new all-time high of over $63,000. Bitcoin enthusiasts are bullish that the token will soon break the previous record of $69,000 and set the stage for a major psychological milestone of $100,000.

Ethereum, the second-largest cryptocurrency, also tested the resistance at $3,400 and reached a new high of over $3,400. Ethereum prediction estimates that the token could reach $5,000 by the end of 2024, especially if the US SEC approves the spot Ethereum ETF applications by the middle of the year.

Solana, a fast-growing blockchain platform, also experienced a soaring valuation of over $130, a rise of over 15% in the last 24 hours. Solana was even above $140 for a few moments before returning to the base. Solana supporters are optimistic that the platform will achieve the mark of $150 by the end of 2024, thanks to its scalability, low fees, and innovation.

Crypto Platforms Prepare for Future Growth

The crypto market is expected to continue growing in the future, as more investors, institutions, and regulators embrace the potential of digital assets. However, this also means that the crypto platforms will have to deal with more challenges, such as security, compliance, and scalability. The platforms will have to invest in improving their infrastructure, customer service, and user experience, to ensure that they can handle the increasing demand and competition. Meanwhile, experts advise crypto traders to be cautious and prepared for heavy volatility in the crypto sphere, as the market is still subject to various risks and uncertainties.