Did you notice the CoinMarketCap error this week? The trader who opened the CoinMarketCap page on the morning of Monday, June 14th, was scared by the sharp drops that seemed to hit the main cryptocurrencies in the market.
The drop, however, was not real but instead a CoinMarketCap error. This has surprised investor, since it is one of the most popular price monitoring site.
The platform showed a drop of 69% for Cardano and 70% for Dogecoin, two cryptocurrencies that are up 5% and 3% in the last 24 hours, according to aggregator CoinGecko.
Other cryptocurrencies that also registered devaluations on the site were Polkadot (-77%), Bitcoin Cash (-68%), Solana (-53%) and Theta (-61%) and EOS (-75%), among others.
The error also affected stablecoins whose prices are pegged to the US dollar and which do not vary greatly. Tether (USDT), for example, showed a drop of 98% while BTCB, which tracks the price of bitcoin, fell 100%.
At the same time, the two leading cryptocurrencies in the market were immune from the failure and maintained their current highs of 11% for Bitcoin and 6% for Ethereum.
CoinMarketCap error: False drop in prices
In addition to prices, the CoinMarketCap error also affected the functioning of other parts of the platform, such as BTC charts and cryptocurrencies trading volume data.
The false drop in prices caused by the CoinMarketCap error also affected the market capitalization displayed on the site to drop to $508 billion at that time, a figure 66% lower than the actual value of $1.6 trillion.
Now the CoinMarketCap error appears to have been resolved and platform prices are back to normal. What caused this error, however, has not yet been disclosed.
On Twitter, the platform team acknowledged the CoinMarketCap error but limited themselves to repor that they were facing “technical difficulties” due to “a latency in the APIs”, but that prices were already established. Now CoinMarketCap says it is working to recover price histories and that it will soon bring more information about the case.
“Dear CoinMarketCaptains, we are currently experiencing some technical difficulties with our website. Our engineers are right on it. In the meanwhile, check out Alexandria. P.S. Check out the Winklevoss Twins and their $45M ‘heist’!”
“We are experiencing some latency in the APIs and our entire engineer team is working on the issue.
Please be patient with us.”
We are experiencing some latency in the APIs and our entire engineer team is working on the issue.
Please be patient with us. 🙇 https://t.co/FENq9LOmkx
— CoinMarketCap (@CoinMarketCap) June 14, 2021
CoinMarketCap error and crypto scenario: Week starts with fall
Despite the CoinMarketCap error, the main cryptocurrencies in the market have traded in decline since Saturday, June 12th. In the morning, Bitcoin (BTC) retreated 4.91% and traded at $35,518.25, according to CoinMarketCap. Ethereum (ETH) followed the same trend, falling 3.57% to $2,378.36.
Dogecoin (DOGE) and Cardano (ADA) fell 5.33% and 6.49%, respectively. XRP was quoted at $0.8244, down 5.24%.
Bitcoin (BTC) – 4.91% drop
Ethereum (ETH) – 3.57% drop
Binance Coin (BNB) – 6.56% drop
Cardano (ADA) – 6.49% drop
XRP (XRP) – 5.24% drop
Dogecoin (DOGE) – 5.33% drop
Polkadot (DOT) – drop of 9.83%
Bitcoin Cash (BCH) – 6.58% drop
Litecoin (LTC) – 6.88% drop
Uniswap (UNI) – 7.84% drop
Solana (SOL) – 7.52% drop
Top crypto despite CoinMarketCap error
Bitcoin (BTC)
Bitcoin is the number one cryptocurrency and the best known and most widely acclaimed in the world. However, Bitcoin is not the only cryptocurrency in existence as there are many other coins and tokens available.
Ethereum (ETH)
Ethereum transcends the cryptocurrency classification because it is not limited to the function of exchanging values between users. We are talking about a platform that expands two technologies that Bitcoin popularized and inaugurated, respectively, being the peer-to-peer (or P2P) network and the blockchain.
Binance Coin (BNB)
The Binance Coin (BNB) is another cryptocurrency released for use within an exchange, as are the Huobi Token and Unus Sed Leo. It was launched in August 2017 by Binance, one of the largest exchanges in the world.
Cardano (ADA)
If we are going to relate cryptocurrencies by generations, the first, logically, would be Bitcoin, which broke with previous patterns of financial centralization and inaugurated the proposal of Decentralized Finance.
The second generation would be Ethereum, which brought some differences from the Bitcoin model, working also as a platform that supports decentralized applications and other functionalities that offer solutions for the financial and monetary market.
And the third generation, and the last one until then, would be Cardano, which proposed, in a very strategic way, to solve some problems that the crypto community was already facing, especially interoperability, scalability and sustainability.
Tether (USDT)
Tether is a digital coin classified as stablecoin, technically backed by the fiat currency US dollar. Tether aims to be a stable virtual asset and able to suffer less from price fluctuations than most cryptocurrencies available on the market.
Dogecoin (DOGE)
Dogecoin was created in an unconventional way, based on an internet meme. One of its initial goals, according to the creator, was to facilitate access to digital currency technology and create an asset that has a value accessible to everyone. The other objective, as the creator himself points out, was to play with technology and the Shiba Inu meme, who was a very strong figure for the initial cryptocurrency community, especially the users of the Reddit forum. Despite the CoinMarketCap error, this is one of those coins worth tracking development.
yesterday there was another error on coinmarket cap ad coin base with phoenix protocol it had it at 0.092 a sharp increase from what it runs.