Since the first days of its existence, the crypto market has never ceased to surprise investors with its sudden and unexplained price spikes. Sometimes, such sharp movements can be explained rationally but most often, they remain a wild card. For instance, not long ago, an almost unknown crypto coin soared by 36,000,000% in one trading day.
The crypto that has set a new all-time high, which is beyond imagination, is called PRiVCY (PRIV). With an increase of over 36,000,000% overnight, PRiVCY (PRIV) managed to become the fourth-largest cryptocurrency in the market. But did it really do it? CoinMarketCap’s statistics confirm that PRiVCY has surged by more than 36 million times overnight, setting a new daily earnings record. Almost out of nowhere, the crypto rose from less than one cent to more than $3,500. Its capitalization reached $57 billion. With such a spike in terms of market cap, it easily beat Binance Coin, Cardano, Dogecoin, and XRP, some of the biggest heavyweights in the market. However, as it turned out, such explosive growth was just a banal failure on the CoinMarketCap website.
The platform monitors cryptocurrency exchange rates, including perpetual futures on the PRIV-PERP index, which tracks the price of a basket of confidential coins. This index was traded on the FTX exchange and, as it turned out, became the reason for the technical failure on CoinMarketCap.
"There is a token called PRIV and there is an index, which goes by the similar name. The error I think came from using the unit price of one and the number of units of another asset and multiplying it to get the market cap. The two assets have been merged, and I am sure, CoinMarketCap will rectify it soon," said Ajeet Khurana, the founder of Genezis Network.
