Bitcoin’s market cap was briefly reversed today as shrouded Bitcoin suddenly gained quadrillion in value. But crypto aficionados and maximalists need not worry: This move was an issue on CoinMarketCap, which briefly listed Wrapped Bitcoin (WBTC) as worth more than all other assets in the world combined.
The WBTC showed a giant market capitalization of around $ 432 quadrillion for a brief period (the total global money supply is estimated at $ 1.2 quadrillion, including derivatives, according to Rankred.com.), Which had a worth about $ 733 billion at the time.
But what is WBTC anyway? It’s Bitcoin in an Ethereum wrapper. This allows participants to use WBTC in the Ethereum ecosystem, as the network operates on a different blockchain. This way, participants can use Bitcoin for Ethereum-based activities, such as decentralized finance. Each WBTC has the same value as a BTC, backed one by one by real Bitcoin, which is managed by a custodian, as detailed by BitGO in a blog post.
Even a Google search of four hundred and thirty-two quadrillion, nine hundred and forty-nine trillion, two hundred and forty-seven billion, four hundred and thirty-two million, eight hundred and sixty-five thousand six hundred and sixty-four had the supposed market value of Bitcoin wrapped. And if it’s on the internet, it must be true …
CoinMarketCap quickly fixed the problem, subsequently putting the WBTC back in its place: 13th in the chart, with a market cap of around $ 4 billion at the time of publication. Before fully addressing the issue, however, WBTC remained in # 1 for a few moments, even after correcting its market cap.
A spokesperson for CoinMarketCap told TBEN:
“The bug was caused by an erroneous provisioning module, which reported incorrect values for WBTC’s circulating provisioning, one of the entries that goes into leaderboards. The problem was quickly fixed. Alas, even us couldn’t keep it a secret. ” “
Another asset has already flipped Bitcoin on CoinMarketCap, at the height of pandemic lockdowns when toilet paper became one of the world’s most sought-after commodities. The toilet paper token overtook Bitcoin on March 31, 2020 – like an April Fool’s joke. So this is not the first time that Bitcoin has been number two.
TBEN is sure to report the next time CoinMarketCap’s data cwraps.