CoinGecko, one of the largest cryptocurrency tracking websites in the world, suffered a major issue 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 rated cryptocurrencies on CoinGecko briefly became somewhat irrelevant, with BTC’s market capitalization temporarily falling behind a token known as Relevant (REL).
As of 07:20 UTC, REL was mistakenly placed at the top of the highest valued cryptocurrencies on CoinGecko, with its market cap going wild at $6.5 Septillion, far more than all other assets in the world combined.
The issue also affected the total crypto market cap on CoinGecko, with the market cap temporarily hitting $7 septillion. The issue was quickly resolved as website data appeared to be back to normal at 8:20 UTC.
Co-founder and CEO of CoinGecko Bobby Ong told Cointelegraph that the website errors were due to a major issue, stating:
“We are facing an internal issue here affecting the market capitalization of some coins and we are fixing this issue now. Things are stabilizing, so hopefully no more cases like this will happen again. »
According to CoinGecko’s main competitor website, CoinMarketCap, the REL token then surged following the issue, along with its price. increasing at $0.9, up more than 20% in the last 24 hours at the time of writing. The fully diluted market cap of the coin is now worth $24.7 million, ranked 5,378th token by market cap, according to the website.
The REL token was spear by crypto developer Slava Balasanov in 2018. After hitting the all-time high above $8 in April 2021, the REL token then plummeted below $1 within months.
Some enthusiasts in the crypto community have scoffed at CoinGecko’s latest issue because it came shortly after CoinMarketCap owner Binance. announced a $200 million investment in Forbes Thursday.
In light of Binance’s 200 million investment in Forbes, here’s how CoinGecko plans to stay relevant pic.twitter.com/u7BC8XOw22
— Darren Lau (Lau, Lau) (@Darrenlautf) February 11, 2022
However, CoinGecko is not alone in facing such issues. CoinMarketCap encountered a similar issue in January 2021, with Wrapped Bitcoin (wBTC) suddenly win quadrillions of dollars in value, briefly and mistakenly becoming the most popular cryptocurrency on the website.