The crypto market has seen comparatively higher activity in the altcoin sector lately as top exchange Binance recorded extraordinarily high levels of order volumes on May 22, leading to exchange difficulties.
Altcoins Gain Activity
Altcoins have picked up steam lately, with coins such as MATIC pulling triple-digit percentage gains over the course of a few days. According to a May 22 tweet from Binance CEO Changpeng Zhao (CZ), the exchange has seen a strikingly high number of orders, comparable to crypto’s bull market run of late 2017 and early 2018.
“We are seeing much higher order volumes (number of orders) than Dec 2017/Jan 2018 (the peak),” CZ said in a tweet. “Trade (not order) volume in USD is 1/3 of the peak, but BTC price is 1/3 and ETH price is only 1/5 of the last peak, most other main alt prices are even lower.”
The heavy exchange usage caused a few difficulties earlier in the day on May 22, as the Binance CEO tweeted, “Heavy load affecting some users. Fixing.” He added in a subsequent tweet, “Web, PC, APP are experiencing load issues. API users are fine.”
Much heavier load than even peak of 2017. Good problem to have. Working on it.
— CZ Binance (@cz_binance) May 22, 2019
Some Twitter members stated losses due to the overload of user activity.
I've lost $1,000 do to your app lagging or freezing sell orders not go thru. Please help….
— CryptoChrisE/KingKush LLC (@KingKushCo) May 22, 2019
While other spectators took the action as a sign of another bull run.
Bull run spotted!!!
— Eswar Maruri (@eswar999sg) May 22, 2019