Wrapped Bitcoin Reaches $400 Quadrillion Market Cap on CMC

Bitcoin gets toppled by its synthetic version as a result of a CoinMarketCap glitch

Thu, 01/14/2021 - 16:12

As a result of an apparent glitch, Wrapped Bitcoin (wBTC), the largest synthetic version of the top cryptocurrency, is now worth over $400 quadrillion on CoinMarketCap.

Image by coinmarketcap.com

In reality, wBTC only has a market cap of $4.3 billion. While undoubtedly impressive, it's not even enough to crack into the top 10, let alone topple Bitcoin.

CoinMarketCap Upgrades Ranking System for Cryptocurrency Trading Pairs. Here's What's New

This is not the first time that CoinMarketCap sparked confusion within the cryptocurrency community. In September 2019, the most visited cryptocurrency website in the world also briefly showed that Bitcoin was worth $0, triggering a string of absolutely terrifying alerts.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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