Bitcoin has been briefly dethroned by an unknown altcoin due to a CoinGecko bug
CoinGeckoone of the largest cryptocurrency tracking websites in the world, suffered a major failure on Friday morning; Bitcoin (BTC) mistakenly lost its position as the largest digital currency by market capitalization to a lesser-known altcoin.
The list of most valued cryptocurrencies on CoinGecko briefly became somewhat irrelevantas BTC’s market cap temporarily fell behind a token known as Relevant (REL).
As of 7:20 a.m. UTC, REL was mistakenly placed at the top of the most valued cryptocurrencies on CoinGecko, with its market capitalization going crazy at $6.5 quadrillionor much more than all other assets in the world combined.
The ruling also affected the total cryptocurrency market capitalization on CoinGecko; temporarily reached USD 7 quadrillion. The issue was quickly fixed as the website data seemed to return to normal as of 8:20 UTC.
CoinGecko co-founder and CEO Bobby Ong told Cointelegraph that website errors were due to a major bug, stating:
“We are facing an internal bug affecting the market capitalization of some coins and we are fixing this issue now. Things are stabilizing, so we hope that cases like this don’t happen again.”
According to CoinGecko’s main competitor website, CoinMarketCap, the REL token subsequently rose after the failure, with its price rising to $0.9, or more than 20% in the last 24 hours at the time of writing this article. The fully diluted market capitalization of the coin is now worth $24.7 millionranking 5,378th by market cap, according to the website.
The REL token was launched by crypto developer Slava Balasanov in 2018.. After hitting an all-time high above $8 in April 2021, the REL token subsequently crashed below $1 within a couple of months.
Some enthusiasts in the cryptocurrency community laughed at the latest CoinGecko bugas it came shortly after CoinMarketCap owner Binance announced a $200 million investment on Forbes on Thursday.
In light of Binance’s 200m investment in Forbes, this is how CoinGecko plans to stay relevant pic.twitter.com/u7BC8XOw22
— Darren Lau (Lau, Lau) (@Darrenlautf) February 11, 2022
In light of Binance’s $200 million investment in Forbes, here’s how CoinGecko plans to stay relevant
But nevertheless, CoinGecko is not alone in facing bugs like this. CoinMarketCap experienced a similar issue in January 2021; Wrapped Bitcoin (wBTC) suddenly gained trillions of dollars in value, briefly and by mistake becoming the most valued cryptocurrency on the website.
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