How Relevant Coin Gained Relevance, Dethroning Bitcoin Briefly

Bitcoin is called the king coin for a reason, the reason being the coin’s number one spot by market cap which has been maintained for a long time. Bitcoin’s dominance despite the recent dip in price still stands above 40% noting 42.67% at press time.

Interestingly, however, on February 11, Bitcoin momentarily lost its top spot on CoinGecko to an altcoin ranking 5159 (on Coin Market Cap). 

Relevant Grabbing a Chunk of Relevance

The Bitcoin market cap temporarily fell behind a token known as Relevant (REL) around 07:20 am UTC. REL mistakenly stood at the top spot on the list of most-valued cryptocurrencies by market cap on CoinGecko, with a market cap of over a staggering $6.5 septillion.

With REL’s market cap valuing more than all other assets in the world combined, the market participants went into a frenzy for a bit. 

In reality, however, the coin only saw the number one spot due to an ‘internal glitch’ on CoinGecko.

As per reports, the glitch also affected the total crypto market capitalization on CoinGecko, with the market cap temporarily growing as big as $7 septillion. Nonetheless, this anomaly was quickly fixed as the website data got to be back to normal around 8:20 am UTC. 

Reportedly, the co-founder and CEO of CoinGecko Bobby Ong, highlighted that the website’s errors were due to a major ‘internal glitch.’ Apart from sending the market into a brief frenzy, this glitch garnered some considerable social attention for Relevant token. 

REL’s Price Rally

As per data from CoinMarketCap, Relevant token gained close to 26.88% over the last 24-hours on the top asset hype. While REL’s top rank lasted less than an hour the sudden fame pushed the coin’s Fully Diluted Market Cap by close to 28%. 

Following the glitch, REL token’s price surged to $0.9, from $0.68 a day ago, noting an over 23% rise in price within hours. The coin’s fully diluted market cap now stands at $25.4 million, while its 24-hour trading volumes saw a massive 1201.76% spike. 

The REL token was launched in 2018 by crypto developer Slava Balasanov. After hitting the all-time high above $8 in April 2021, the altcoin saw major dips as its price plummeted to below $1 in December last year. 

While REL coin wasn’t really the number one token, its actual rank went up by over 100 spots after the coin’s brief moment of the limelight.