The world’s leading cryptocurrency is on a tear today.
We started the day around $7,777 only to jump as high as $8,970 on Bitstamp. Up more than 13% in the past 24 hours, volume on top ten exchanges with real volume has surged to a whopping $2.4 billion, as per Messari.
But while Bitcoin is climbing, Coinbase has crashed.
Coinbase has crashed as Bitcoin skyrockets today.
— Pomp 🌪 (@APompliano) April 29, 2020
This is how you know you are about to pump HARD 🚀🚀🚀🚀!#Bitcoin
— Crypto King (@JBTheCryptoKing) April 29, 2020
The San Francisco-based crypto exchange is currently down. At 10:38 PDT on April 29, it went down and under ten minutes the team implemented a fix and as of writing was monitoring the results, according to the website.
The timing of bitcoin surging and Coinbase going down reminded people of the 2017 bull market when the crypto exchange couldn’t handle the heightened activity.
Coinbase crashed today.
FRIENDLY REMINDER THAT BITCOIN NEVER CRASHES 🔥
— Lolli 🍭 (@trylolli) April 29, 2020
It's 2020 and servers at Coinbase and BitMEX still can't handle bitcoin volatility.
— Zack Voell (@zackvoell) April 29, 2020
Since Coinbase has gone down, BTC price has also pulled back to $8,750, for now.
However, these greens that first started showing over the weekend now have the overall bitcoin market in a more profitable state than it was before the March crash “indicating investors bought the dip.”
“As BTC breaks past $8300, 73% of circulating BTC is in a state of profit – 9% more than the last time we saw this price,” noted Glassnode.
It is no surprise that bitcoin is performing well in April because as we reported this month along with May and June have “always been a strong period” for bitcoin. These are the top three median months and since 2014 they have been making up 5 of the top 10 best months.
nearly 1 month into Q2, living up to bullish expectations pic.twitter.com/FPtYTyexdB
— Josh Olszewicz (@CarpeNoctom) April 29, 2020
However, analyst Filb Filb is calling out a “temporary top here.”