TL;DR Breakdown
• CoinMarketCap had a failure in its system and wrongly valued PRIVCY.
• CoinMarketCap got confused with PRIV-PERP.
Cryptocurrencies are known for their volatility, and PRIVCY could have shown that by having an increase in value by over 4,00,00,000%. It is incredible how this virtual currency, recently a total unknown, capitalized among the four best tokens.
The cryptocurrency rise was made a single night, leaving popular tokens like Shiba Inu and Dogecoin ridiculous. According to CoinMarketCap.com, the PRIVCY price was at a high of $3,563.70. The cryptocurrency was priced at $0.008814 on Tuesday night.
PRIVCY ranks among the best cryptocurrencies
With this price rise, the cryptocurrency was among the best tokens, such as Bitcoin, Ethereum, and Litecoin. However, crypto fans think that the token’s capitalization occurred by a “mistake” and not organically. Investors blame CoinMarketCap for powering a worthless cryptocurrency.
The Genezis Network founder, Ajeet Khurana, said a token called “PRIV,” and the crypto PRIVCY is similar. Khurana suggests that the CoinMarketCap Company may have confused the names, but it is a mistake they will soon correct.
From what the Token website indicates, PRIVCY is a p2p crypto that is a new BTC version. The technology with which the token works are very similar to Bitcoin, but it is not as popular or volatile.
But the crypto that CoinMarketCap got confused with is PRIV-PERP, in charge of tracking private currency prices. PRIV does not have a commercial value in the market. It is only in charge of promoting the transfers of private blockchains.
A beneficial mistake
CoinMarketCap may have been confused by showing that PRIVCY had reached its all-time high, but this may otherwise help the token. Before Tuesday night, the cryptocurrency was unknown, and now all investors talk about it.
Here, the CoinMarketCap confusion can be beneficial for the current token market. Thus, the crypto could have a good future ahead.
This cryptocurrency is traded on two exchanges, StakeCube and Crex24, and maintains a $0.006341 to $0.0072 price valuation. But PRIV-PERP is trading today at $3,600.
The investor can observe that the uptrend that CoinMarketCap showed on the crypto PRIVCY and PRIV-PERP does not correlate. The company may announce this internal failure in the next few hours and apologize to investors. In this way, the trader also understands that the crypto market also exhibits its failures eventually.
People on the lookout for the hot token may need to ask for their money back. On the bright side, the cryptocurrency has not lost value, it has gained more fame, and could perhaps gain even more valuation for its mistaken investors.
