When Bitcoin Briefly Became the Underdog
In a bizarre twist of digital fate, CoinGecko experienced a major glitch that had Bitcoin (BTC) fans holding their breath on a serene Friday morning. The cryptocurrency that has ruled the market cap world for years was momentarily usurped by an obscure altcoin known as Relevant (REL).
The Market Cap Fiasco
At 7:20 am UTC, REL was mistakenly placed at the pinnacle of the cryptocurrency kingdom, boasting a market cap that looked more like a typo than genuine valuation—an astronomical $6.5 septillion! For a moment, it seemed that the digital world was laughing in disbelief. Bitcoin’s market cap fell into the shadows, completely eclipsed by this lesser-known token.
From Glitch to Giggles
It wasn’t long before the crypto community took to social media to mock the unexpected turn of events. One tweet quipped about CoinGecko’s blunder, joking how the site could remain relevant amidst big financial news from Coindesk. As a user hilariously remarked, “In light of Binance’s $200 million investment in Forbes, this is how CoinGecko plans to stay relevant.”
The Confession of CoinGecko’s Co-Founder
CoinGecko’s co-founder Bobby Ong quickly addressed the incident, shedding light on their technological hiccup:
“We are facing an internal glitch affecting the market cap of some coins and are fixing this issue now. Things are stabilizing, so hopefully, no more cases like this happen again.”
Price Surges and People’s Surprises
A funny side note: REL didn’t just sit idly while Bitcoin collected itself back in the top-tier. Following the glitch, REL’s price surged by over 20%, peaking at roughly $0.9 in a market that was readily checking its pulse after seeing a token with an apparent fully diluted market cap of $24.7 million. And to think, REL was ranked a humble 5,378th before this unfortunate comedy of errors unfolded!
A History of Glitches in Crypto Land
In a space known for its volatility and drama, CoinGecko isn’t the only platform that has faced the wrath of glitches. Earlier, CoinMarketCap infamously reported Wrapped Bitcoin (wBTC) unexpectedly gaining quadrillions of dollars in value. Talk about an inflationary crisis!
Ultimately, the industry keeps us on our toes with enough surprises to fill a Netflix season. Who knows what’s next? You have to love the unpredictability of the crypto world—let’s just hope the next surprise doesn’t take Bitcoin down with it!
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