Traffic to Binance Reaches ATH
● Binance made a new ATH as the price hit $148 due to traffic surge.
● However, the site was shut down for some time, as it could not manage the traffic.
● As a result, Binance suspended some of its operations.
Binance Reaches ATH Due To Traffic
On February 10, Binance (BNB) reached a new ATH as it rallied by over 121% since the week started to reach above $140.
However, the exchange shut down its platform after recording an all-time high driven by web traffic.
This happened after the CEO, CZ, tweeted on how the exchange was able to manage the traffic influx.
He said that Binance saw a 60% increase in ATH compared to that of the previous day.
Some minutes later, binance notified users on twitter that it had suspended its operations due to a “temporary system maintenance.” However, the exchange couldn’t restore its system until about an hour after the shutdown.
After that, the exchange notified users that it had suspended spot and margin trading, P2P trading, savings and redemption, deposits and withdrawal, and transfers from margin accounts, future accounts, fiat wallets, sub-accounts.
According to data from SimilarWeb, Turkey makes up about 6.89% of Binance’s monthly traffic, while Russia ranks as second and the USA as third, with 6.53% and 5.11%, respectively.
Binance Rise is Due to Surge In Trading Volume
Data from Cointelegraph revealed that the new ATH is due to the increase in daily trading volume. On February 1, BNB recorded a new trading volume high of $1 billion, and the value crossed above $7.52 billion on February 10.
It also attributed the rise to binance involvement in listing new projects and partnerships and its DeFi integration. As a result, Binance has experienced a massive surge in its operations over the month.
Given the current trading suspension, CZ assured people not to worry as prices do not move much “when a big exchange pauses trading.”