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Temporary ‘data issue’ boosts CoinMarketCap’s price numbers by as much as 951%

CoinMarketCap has disclosed that a temporary error was behind several erroneous listings that inflated the prices of several cryptocurrencies.

Written by Bryan Smith Published on

Those visiting CoinMarketCap on the 3rd of August might have thought market bulls were stampeding, given that Bitcoin showed a 12% spike while leading altcoins soared by as much as 951%.

In a new statement, however, CoinMarketCap has now confirmed that erroneous price listings on its services were caused by a temporary ‘data error’.

The error, which comes shortly after CoinMarketCap launched its professional-level API, saw several cryptocurrencies soar. Among the top gainers, aeternity rose by some 951%, MOAC by 905%, and Bitcoin Diamond by 876%.

The error also resulted in a 24-hour change percentage for VeChain Thor’s new VET token showing as a question mark.

Bitcoin itself apparently spiked by 12% in as little as fifteen minutes, reaching an erronerous high of $8,406.40. Shortly thereafter, the pre-eminent cryptocurrency was brought back down to earth and was subsequently re-listed at $7,500 USD.

The platform later went on to advise its users of the error, stating:

In a later tweet, CoinMarketCap went on to explain that “There was a price calculation error on Tether which caused any listing with a Tether market to become artificially inflated. Our team has since resolved this. We will release a post-mortem in the near future giving more details.”

CoinMarketCap itself came under fire for its spot decision to exclude aggregated data from certain South Korean exchanges earlier this year, which similarly affected listed prices.

At press time, Bitcoin is up by 1.52% according to CoinMarketCap, and presently trades at $7,106.74 USD. Altcoins such aeternity, MOAC, and VeChain Thor trade at $1.70, $4.71, and $0.013615, respectively.

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Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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