As traditional systems raced to resolve the CrowdStrike outage, the value of Bitcoin and the cryptocurrency market soared.
Decentralized technology proved itself once again on Friday, as a global IT outage disrupted banking, media, travel and a range of everyday operations.
Web3 markets have boomed as Web2 activity has slowed to a crawl in some parts of the world, with more than 150 million people reportedly affected. Pro-crypto US Senator Cynthia Lummis has seized on the situation remember The public has the ability to run Bitcoin (BTC) smoothly and bypass central points of failure.
Bitcoin hits highest level in a month
The total cryptocurrency market cap rose more than 3% to $2.5 trillion for the first time this month. The broad-based market rally pushed Bitcoin above $66,500, its highest level in a month. Solana (SOL) led the market gains among the top 10 cryptocurrencies by market cap. SOL surged more than 9% to reclaim $170, while a 3% price increase in Ethereum (ETH) pushed the asset to $3,500.
PAAL AI Launchpad saw the biggest gains in the cryptocurrency market on Friday. Data showed the sector surged by more than 103% and was on the rise at the time of writing.
Ecosystems like TRY Stablecoin, Decentralized Identifier, Farming-as-a-Service, and Pump.fun memecoins also surged by at least 20% as the digital asset market enjoyed a green day. Conversely, the S&P 500 and global stock markets fell slightly due to the CrowdStrike debacle.