Cryptocurrencies have been increasing and decreasing in value over the last few years, especially over a couple of months.
CoinMarketCap says the price jump was due to ‘price issues’ and wasn’t real, and it’s currently unclear whether this was a security incident or simply a glitch.
The company will update this status when we have more information, while the price of a variety of cryptocurrencies jumped on CoinMarketCap on Tuesday afternoon, it added.
“Our website is currently undergoing Price Issues,” the company said early Tuesday evening. “We are investigating and will update this status when we have more information.” As such, it’s currently unclear whether this was a security incident or simply a glitch. We’ve reached out to CoinMarketCap for an explanation,” it noted.
While CoinMarketCap is having a significant time, it’s not clear how many people cashed out thinking the price of the Shiba Inu crypto had jumped to over $US22,000 ($30,914) when, in reality, its price is currently $US0.00003365 per coin.
The price of every coin jumped by several orders of magnitude; for example, it appears as though the price of a single Ethereum coin rose to more than $500 billion. Bitcoin, meanwhile, jumped to around $789 billion. We’ve reached out to CoinMarketCap for an explanation.
CoinMarketCap estimates Bitcoin’s market cap somewhere between a quadrillion dollar and the Moon. Between the time the issue first appeared and fixed, a couple of hours, according to CoinMarketCap and social media activity.