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Some users of the cryptocurrency data and analytics platform CoinGecko recently encountered a brief downtime, coinciding with market fluctuations that saw over $1 billion in liquidations on March 5.
Temporary Glitch Amidst Market Recovery
CoinGecko appeared to be operational again as of press time, with participants in the crypto community celebrating the incident as a sign of ongoing bullish momentum in the digital asset landscape.
The platform likely faced a momentary glitch due to increased traffic and usage on a day when investors capitalized on market dips. According to CoinGecko, the total market capitalization of cryptocurrencies surged by 3.5% to $2.62 trillion.
According to Crypto News, while many expressed optimistic views, some users expressed dissatisfaction with the disruption, suggesting that service providers should enhance their scaling and operational capabilities as the bull market progresses.
Rising Traffic Challenges for Crypto Platforms
CoinGecko isn't the only platform grappling with surges in traffic this year. Crypto exchange Coinbase encountered outages on three occasions within two weeks.
A BBC report says such occurrences are becoming more common as an increasing number of users, particularly retail investors, flock to the crypto market in pursuit of substantial gains.
The fear and greed index for the crypto market indicates that sentiment is currently even higher than during the peak of the 2021 bull cycle when Bitcoin reached $69,000 and Ether surpassed $4,000 for the first time.
This heightened sentiment underscores the growing interest and participation in cryptocurrency despite occasional technical hiccups experienced by platforms like CoinGecko and Coinbase.
Photo: PiggyBank/Unsplash
