CoinGecko, one of the world’s largest cryptocurrency tracking websites, suffered a major disruption on Friday morning when Bitcoin (BTC) mistakenly lost its position as the largest digital currency by market capitalization to a lesser-known altcoin.
The list of the most expensive cryptocurrencies on CoinGecko briefly became somewhat irrelevant as BTC’s market cap temporarily lagged behind the token known as Relevant (REL).
As of 07:20 UTC, REL was erroneously placed among the top most valuable cryptocurrencies on CoinGecko, and its market capitalization reached an insane $6.5 septillion, or far more than all other assets in the world combined.
The crash also affected the overall cryptocurrency market cap on CoinGecko, with the market cap temporarily rising to $7 septillion. The issue was quickly resolved as website data returned to normal as of 8:20 AM UTC.
CoinGecko co-founder and CEO Bobby Ong told Cointelegraph that the website’s errors were caused by a major glitch, stating:
“We have encountered an internal glitch affecting the market cap of some coins and are currently fixing this issue. The situation is stabilizing, so hopefully it won’t happen again.”
According to the website of CoinGecko’s main competitor, CoinMarketCap, the REL token subsequently rose after the crash, with the price rising to $0.9, or more than 20% in the last 24 hours at the time of writing. According to the website, the fully diluted market cap of the coin is now $24.7 million, which is the 5378th token by market cap.
The REL token was launched by the cryptocurrency developer Slava Balasanov in 2018. After hitting an all-time high above $8 in April 2020, the REL token dropped below $1 a couple of months later.
Some enthusiasts in the cryptocurrency community scoffed at the latest CoinGecko crash as it happened shortly after CoinMarketCap owner Binance announced a $200 million investment from Forbes on Thursday.
In light of Binance’s $200 million investment in Forbes, this is how CoinGecko plans to stay relevant pic.twitter.com/u7BC8XOw22 — Darren Lau (Lau, Lau) (@Darrenlautf) February 11, 2022
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However, CoinGecko is not alone in such failures. CoinMarketCap faced a similar problem a year ago when Wrapped Bitcoin suddenly rose in price by quadrillions of dollars, briefly and mistakenly becoming the website’s most expensive cryptocurrency in January 2021.