Bitcoin was trading below $8,000 two weeks ago.
The price of a single bitcoin soared this week from under $10,000 to more than $17,000 before slumping back down to around $15,000, according to data from CoinDesk, which values bitcoin based on data from four exchanges, including Coinbase. Due to the incredible demand and wild swings in its price, prices for Bitcoin diverged significantly on its biggest exchanges, exposing its fragile trading infrastructure.
According to the company's website, which tracks issues and downtime, Coinbase started experiencing high traffic around 11:00 a.m. ET, which resulted in customers experiencing slow performance on the site or issues logging into their Coinbase account.
Also rising are the places that trade in bitcoin, such as Coinbase, which is said to be the largest digital exchange for buying and selling bitcoin.
Coinbase isn't the only cryptocurrency to have collapsed under pressure at the last minute.
The site on the web was in an offline mode and out of order, according to TechCrunch.
Depending on who you ask, bitcoin is the next big thing in money - decentralized and protected from the volatility of the financial market - or just another form of wealth storage whose value is only defined by the exchange rate with the US dollar.
Coinbase, the largest platform for buying and selling cryptocurrencies in the United States, has experienced several outages as the price of bitcoin has skyrocketed to new highs.
On Coinbase's exchange the price soared past $18,000 at one point.
Coinbase is definitely benefiting from the infatuation with bitcoin. The cryptocurrency continued its rocketing rise, reaching the $15,000 and $16,000 milestone during the course of the day. By September, it was valued at around $3,250 and has risen rapidly in the months that have followed.