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While the cryptocurrency community has joked about the CoinMarketCap crash, the crash itself may speak of the future of the ecosystem. As prices skyrocketed, Bitcoin took 5th place, while Ethereum came out on top with a price tag of $ 512 billion.
Is it just a glitch or a prophecy?
CoinMarketCap, a cryptocurrency price aggregator website, seems to have encountered an error, which led to a sharp rise in prices to billions of dollars. The stablecoins were also hit, as USDC and USDT traded at $ 88,187,261.21 and $ 99,725,578,248.02 during the episode, respectively.
According to the new prices, Ethereum had the largest market cap, trading at $ 512 billion. USDC, BNB and USDT came in second, third and fourth, respectively. Bitcoin came in at fifth place and was trading at around $ 351 billion, with DAI and Solana in sixth and seventh places.
This glitch could be a rare glimpse into the future of cryptocurrencies. A future in which Ethereum is king and Bitcoin falls off the pedestal due to its toughness and conservatism. Ethereum’s move to Proof-of-Stake and its track record as a trailblazer for DeFi, NFT and DApps will drive its pursuit to the top.
Going forward, it will not be an odd thing for a stablecoin to take second place, and the USDC’s position depends on the impressive growth it has recorded since its launch. Founded in 2018, USDC currently has a market capitalization of $ 41.63 billion and is not causing regulatory ire. Although USDT Tether currently has a larger market capitalization, problems with regulators such as the CFTC over its reserves could prevent the stablecoin from growing in the future.
Fifth place Bitcoin can be attributed to the slow pace of adoption of smart contract technology. Lingering questions about the asset’s environmental impact from mining could play an important role as the asset falls in the rankings.
Not hacking
CoinMarketCap showed that the spike in prices was caused by a mistake and not by hackers. The problem was quickly resolved by the team, followed by an apology to the users.
“Following the violations we saw on our platform this afternoon, even though the issue has been resolved, we will be restarting our servers as a final step in line with our internal remediation plan. We are sorry for the inconvenience, ”wrote CoinMarketCap.
After the episode, the crypto community joked to cheer up. CoinMarketCap asked users what it’s like to be a trillionaire for a couple of hours.
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