Bitcoin’s market cap changed for a brief period today when the encapsulated value of Bitcoin suddenly increased by a quadrillion dollars.
The WBTC showed a huge market cap of around $ 432 quadrillion in a short period of time (the total money supply in the world is estimated at $ 1.2 quadrillion including derivatives, according to Rankred.com). It was on top of all other assets, even Bitcoin (BTC). Which was estimated at 733 billion dollars at the time.
But you don’t need to worry about cryptocurrencies and extremists about taking over the Bitcoin crown: the move was a failure at CoinMarketCap, which briefly showed that Bitcoin encapsulated (WBTC) is more valuable than any other asset in the world combined.
A CoinMarketCap spokesperson told Cointelegraph:
“The error was caused by an erroneous supply unit that reported incorrect values for the WBTC’s Circulating Acquisition, which is one of the entries that entered the evaluation. The issue was resolved quickly. Unfortunately, we were not even able to keep it” secret. ”
Even a Google search for four hundred thirty quadrillion nine hundred forty-nine trillion two hundred and forty-seven billion four hundred thirty-two million eight hundred and sixty-five thousand six hundred and sixty-four showed the estimated market value of the encapsulated Bitcoin coin. And if it’s on the internet, it must be true …
CoinMarketCap quickly resolved the error, returning WBTC to its rightful place: 13. In ranking, with a market cap of around $ 4 billion at time of publication. But before the WBTC corrected the mistake, it remained in the lead for some time even after the market value was resolved.
But what is WBTC? This is Bitcoin on the Ethereum cover. This allows participants to use WBTC in the Ethereum ecosystem as the network operates on a different blockchain. In this way, participants can use Bitcoin for Ethereum-based activities such as decentralized financing. Each WBTC has the same 1 BTC value, uniquely backed by actual trustee-controlled Bitcoin, as explained by BitGO in a blog post.
Another supplier switched Bitcoin once on CoinMarketCap in the midst of a pandemic, when toilet paper became one of the most sought-after products in the world. On March 31, 2020, the toilet paper symbol soared above Bitcoin – like an April Fools’ joke. So this isn’t the first time that Bitcoin has ranked second.
Cointelegraph will definitely report that CoinMarketCap data will appear next time.