Did you get the impression – briefly – that you were rubbing shoulders with Elon Musk and his cronies during the day yesterday? That’s normal: a bug on CoinMarketCap propelled cryptocurrency prices, and temporarily panicked the cryptosphere.
Crypto prices go crazy on CoinMarketCap
CoinMarketCap is one of the most widely used data aggregators, and many services use it to display crypto prices. So many users felt like they got an early Christmas present yesterday.
For some time, the price of Bitcoin (BTC) was displayed at more than $778 billion, Ether (ETH) was worth more than $9 billion, and Binance BNB was worth $2 billion. The brave Tether (USDT) played its role as a stablecoin well: it was still showing 1 dollar very exactly.
Several wallets and sites affected by CoinMarketCap bug
Users of TrustWallet, which relies on CoinMarketCap data, have been several to report the bug. Coinbase has also been affected: cryptocurrencies that cannot be traded on the platform use CoinMarketCap data. On Cryptoast, we also saw these prices explode, and an outsider strangely propelled to the top of the ranking.
For its part, CoinMarketCap chose the funny side to comment on this bug:
“How did it feel to be a trillionaire for a few hours?”
It is not known what caused the bug, CoinMarketCap being particularly laconic on the subject:
“Due to the irregularities we observed on our platform this afternoon, and despite the fact that the problem has been fixed, we will be restarting our servers.”
Everything is eventually back to normal. Some will regret that their memecoins and shitcoins did not actually reach the moon, but this will at least have had the merit of giving a laugh to a crypto-community that is a bit gloomy at the end of the year…