Like a massacre, almost every crypto is in red including almighty Bitcoin. The development is unprecedented. It started late afternoon on Monday and as at 09:00 GMT+2, there is no sign of improvement even though Market leader Bitcoin has been able to reduce its loss from 11 to 6 percent.
With the exception of Ether and Bitshare, all the Cryptocurrencies on top 10 are bleeding. It is like a massacre with blood everywhere.
When you move down to top 20, the situation is even severe. On Zcash is standing with dead bodies and blood all around it.
Some of them include Gulden, Nxt, Ardor, SingularDTV, Tether and a few others. Some of them soared as much as 64 percent.
Factors Influencing Fluctuations
Many have attributed the acute fluctuation to the ongoing Cryptocurrency Exchange platforms outages. On Monday Coinbase announced that it is experiencing outages and has to close for maintenance.
This is the second time the popular exchanging is being confronted with that in a month. Coinbase has revealed that the current technical difficulties stem from high traffic.
Community members in the crypto industry have expressed their disgust about the situation. Some of the people CCN spoke to think the outages at Coinbase are becoming a little ridiculous.
Though while some believe it’s not easy to build bitcoin infrastructure, they are of the opinion that the exchanges should be investing in building a more robust platform.
Some opinions also doubted what is going on. Sathish G. of Bitcoin PowWow feels it is surprising to see an exchange like Coinbase go down at this generation where sites going down is a thing of the past. “Coinbase has a fraction of users compared to high traffic global sites,” He noted.
Sathish also explained that with content delivery network and auto cloud scaling, it’s easy to have a 100 percent uptime for any host.
There were others who think what makes it more peculiar is that the API is working while the site is down which means the underlying tech stack backend is not affected but only the front end is.
“Only logical answer as someone running web apps myself for years is they have taken it down to control transactions themselves or their CTO needs replacement,” Sathish pointed out.
Featured image from Shutterstock.