Changpeng Zhao, CEO of the world’s most popular crypto asset exchange, Binance, recently posted the milestone, adding that traffic is even higher than when Bitcoin was at a peak at the end of 2017.
We are seeing ATH in terms of system traffic. Higher than Dec 2017. Should be interesting to see what happens next.
— CZ Binance (@cz_binance) August 17, 2020
Binance Experiencing Traffic-Related Issues
The CEO added that there were a few issues with the exchange caused by the traffic spike:
“Very high traffic. Auto-scaling was a little behind. There was a balance syncing issue, fixed. There was also a web traffic hitting limit issue, fixed. Both lasted a few minutes.”
The move is either indicative of a large rally, or it could be whales moving large amounts of crypto back to exchanges in preparation for selling, as recently observed by industry analysts.
CryptoPotato also recently reported that long term pricing models for Bitcoin, namely stock to flow, are also still on track for considerable gains in what appears to be the beginnings of a big bull run and another all-time high cycle for cryptocurrencies.
Crypto Market Cap at 14-Month High
Cryptocurrency markets have equaled their price peak in June 2019, reaching their highest levels for 14 months in terms of total market capitalization.
The total market cap has hit a high of $380 billion. The last time it was above this for any sustained period was in May 2018, when the bears were in full control of the direction.
Eight weekly green candles have been printed, which is the first time this has happened since the end of the crypto winter in early 2019. The next targets, which will confirm the uptrend, are around the previous highs of $420 billion.
Bitcoin has led the charge today, finally breaking that psychological resistance barrier at $12k to tap an intraday high of $12,450 during late trading on Monday. The move has sent the king of crypto to a new high for 2020, as it targets the next resistance zone at just below $14k, which was 2019’s top.
Other altcoins riding on the coattails of their big brother today include XRP, Litecoin, Tron, and Neo as calls for ‘altseason’ intensify.