CoinGecko's page became temporarily unavailable on March 6, as cryptocurrency participants were in a bullish mood following Bitcoin's soaring price the previous day to an all-time high.
As the market recovers from the selloff that caused more than $1 billion in liquidations on March 5, some CoinGecko users reported experiencing temporary downtime on the crypto data and analytics platform.
CoinGecko appears to be back at the time of writing, with crypto social media participants such as X hailing the incident as another sign of bullish momentum in the digital asset ecosystem.
The platform likely experienced a brief glitch due to a spike in traffic and increased usage on days when investors were buying on the spur of the moment. According to CoinGecko, the market capitalization of cryptocurrencies increased by 3.5% to $2.62 trillion.
Although the overall sentiment was leaning toward bullish statements, some users were unhappy with this turn of events, pointing out that service providers should boast better scale and operations as the bull market thickens.
CoinGecko is not the only platform shaken by a surge in traffic this year. Cryptocurrency exchange Coinbase also suffered three outages within two weeks. This phenomenon is to be expected as more users, especially retailers, flood the cryptocurrency market in search of huge profits.
The crypto fear and greed index shows market sentiment is even higher than the peak of the 2021 bull cycle, when Bitcoin (BTC) hit $69,000 for the first time and Ethereum (ETH) topped $4,000. It suggests that there is.
