Bitcoin briefly dethroned by unknown altcoin due to CoinGecko glitch
CoinGecko, one of the largest cryptocurrency tracking websites in the world, has suffered a major glitch on Friday morning, with Bitcoin (BTC) mistakenly losing its position as the largest digital currency by market capitalization to a lesser-known altcoin.
The list of top-valued cryptocurrencies on CoinGecko briefly went somewhat irrelevant, with the BTC market cap temporarily falling behind a token known as Relevant (REL).
As of 07:20 am UTC, REL was mistakenly placed at the top of the most-valued cryptocurrencies on CoinGecko, with the market cap going insane at $6.5 septillion, or way more than all other assets in the world combined.
The glitch also affected the total crypto market capitalization on CoinGecko, with the market cap temporarily growing as big as $7 septillion. The issue was quickly fixed as the website data appeared to be back to normal as of 8:20 am UTC.
CoinGecko co-founder and CEO Bobby Ong told Cointelegraph that the website’s errors were due to a major glitch, stating:
According to CoinGecko’s major competitor website, CoinMarketCap, the REL token subsequently surged following the glitch, with the price surging to $0.9, or over 20% over the past 24 hours at the time of writing. The coin’s fully diluted market cap is now worth $24.7 million, ranked the 5,378th token by market cap, according to the website.
The REL token was launched by crypto developer Slava Balasanov in 2018. After hitting the all-time high above $8 in April 202, the REL token subsequently plummeted below $1 in a couple of months.
Some enthusiasts in the crypto community chuckled about CoinGecko’s latest glitch as it came shortly after CoinMarketCap’s owner Binance announced a $200 million investment in Forbes on Thursday.
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