Crypto Price Soars Billions of Dollars as CoinMarketCap goes berserk
Rancakmedia.com – CoinMarketCap, the main resource for monitoring crypto prices soaring, ran into a “trouble” Tuesday that made many fake riches.
No, you are not a trillionaire. But you'd be forgiven for soiling your pants when you caught a glimpse of the price of your favorite cryptocurrency asset on CoinMarketCap on Tuesday afternoon.
CoinMarketCap shattered crypto investors' fantasies around 5pm ET on Tuesday when it revealed in a tweet that the sudden spike in the price of a number of cryptocurrencies was due to “price issues” and was unreal.
“Our website is currently experiencing Pricing Issues,” the company tweeted early Tuesday morning. "We're investigating now and will provide an update at this time as we get more details."
Having said that, it's currently unclear whether this is a security issue or just a bug. We have contacted CoinMarketCap for an explanation.
It looks like the price of each coin has jumped several times over, with the price of one Ethereum coin, for example, jumping to over $500 billion (Actual price: Around $3,800.) Bitcoin, meanwhile, jumping to around $789 billion. That puts the Bitcoin market valuation somewhere between a quadrillion dollars and a Moon.
Crypto Prices Soar
Between the time the problem initially appeared and it might be fixed it seemed, a few hours, according to CoinMarketCap and social media activity many crypto dudes watched their net worth soar to Elon Musk levels.
Unfortunately, the island libertarian paradise off the coast of New Zealand that I imagined myself after destroying the boss's office quickly fell apart. And CoinMarketCap is great for laughing at the optimists with funny, trendy tweets.
While CoinMarketCap is having fun, it's of course unclear how many people cashed out somehow assuming the price of the Shiba Inu crypto actually spiked to over $22,000 when, in fact, its current price is $0.00003365 per coin.
Hopefully, most investors check the real exchange rate before wasting all their, umm, hard work (?) on a screwed-up website.
What Makes Crypto Prices Rise or Fall?
You may wonder what makes cryptocurrencies valuable, given that they are usually unstable.
It is very unusual for Bitcoin ( CRYPTO:BTC ) to increase or decrease in price by 5 percent or even 10 percent on any given day. Smaller cryptocurrencies may have a wider range of price movements.
After reading this essay, you will have a better understanding of what makes cryptocurrencies valuable and why their value can fluctuate so wildly within a day.
Conclusion:
It's not clear if this is a security issue or just a bug; CoinMarketCap has not been determined. The price of one coin jumped from $0.00003365 to over $500 billion (actual price: approx. $3.800).