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Bitcoin briefly loses its spot as high cryptocurrency — Wait, what?

01/14/2021

Bitcoin’s twin took over the number-one spot on CoinMarketCap.

Bitcoin’s market capitalization was briefly flippened immediately as Wrapped Bitcoin instantly gained quadrillions of {dollars} in worth. However crypto aficionados and maximalists needn’t fear: The transfer was a glitch on CoinMarketCap, which briefly displayed Wrapped Bitcoin (WBTC) as value greater than all different property on this planet mixed. 

WBTC confirmed a behemoth market cap of about $432 quadrillion for a short interval (the whole world cash provide is estimated at $1.2 quadrillion, together with derivatives, in response to Rankred.com.) It sat listed atop all the opposite property, even Bitcoin (BTC), which had a valuation of roughly $733 billion on the time. 

However what’s WBTC anyway? It is Bitcoin in an Ethereum wrapper. This enables individuals to make use of WBTC inside the Ethereum ecosystem, because the community runs on a distinct blockchain. This manner, individuals can use Bitcoin for Ethereum-based actions, comparable to decentralized finance. Every WBTC has the identical worth as 1 BTC, backed one-to-one by precise Bitcoin, which is managed by a custodian, as detailed by BitGO in a weblog submit. 

Supply: CoinMarketCap.com

Even a Google seek for 4 hundred and thirty-two quadrillion, 9 hundred and forty-nine trillion, 2 hundred and forty-seven billion, 4 hundred and thirty-two million, eight hundred and sixty-five thousand, 600 and sixty-four displayed Wrapped Bitcoin’s supposed market worth. And if it is on the web, it should be true…

Supply: Google.com

CoinMarketCap shortly fastened the glitch, subsequently placing WBTC again in its rightful place: thirteenth within the rankings, with a market cap of about $4 billion on the time of publication. Earlier than fixing the glitch absolutely, nonetheless, WBTC remained within the high place for a number of moments, even after its market cap was corrected.

Supply: CoinMarketCap.com

A spokesperson for CoinMarketCap informed Cointelegraph:

“The bug was brought on by an errant provide module, which was reporting misguided values for WBTC’s circulating provide, one of many inputs that goes into rankings. The issue was shortly rectified. Alas, even we couldn’t hold this underneath ‘wraps.'”

One other asset flipped Bitcoin as soon as earlier than on CoinMarketCap, through the peak of pandemic lockdowns when bathroom paper grew to become one of many world’s most desired commodities. Bathroom Paper Token rose above Bitcoin on March 31, 2020 — as an April Fools joke. So, this is not the primary time Bitcoin has been Quantity Two.

Cointelegraph will make sure to report on the following time CoinMarketCap’s knowledge “cwraps” out.