Glitch in CoinMarketCap Showed Crypto Wallet Balances Well Over its Actual Global Prices

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A particular glitch in the prominent crypto data aggregator CoinMarketCap has shown several crypto wallet balances reaching well over its real global price values, leading many users perplexed and some a bit hopeful. As per the reports, the glitch suggested that one Bitcoin (BTC) was worth over $799 billion while its closest adversary, Ether (ETH), went for $43 billion apiece. The source of the incorrect data posted within CoinMarketCap was later determined as coming from one of its top crypto price data suppliers.

Thankfully, user coin and token balances remained accurate and unaffected despite the dollar values of the cryptos attached to it ballooning unrealistically.

While several reports claim that the snafu was caused by a mere, unharmful glitch, others suggest that it may have been a result of a hack attempt on the platform itself. Although CoinMarketCap did not give any more information – or perhaps a confirmation – to what really transpired yesterday, it did acknowledge the error via a short tweet. To their credit, the engineering team behind CoinMarketCap acted fast and quickly resolved the issue.

Although no one was negatively affected by the glitch, yesterday’s confusing development may have contributed to the slowing of the market’s recovery. To corroborate such a notion, the prices of seemingly every crypto affected by the incorrect data yesterday have flattened out in the past few hours after the error was discovered.

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