Global Cryptocurrency Market Cap Dipped by Over 64%!

[StarKay]

According to https://coinmarketcap.com/ the Global Market Cap for cryptocurrency is just over $1T representing a decline of over 64% in a 24 hour period.
I don't understand how they arrive at this value considering that most major coins lost between 7 - 10% of their value within same timeframe.
Any explanation?

https://imgur.com/a/YtGy5Qd

[asriloni]

According to coinmarketcap.com the Global Market Cap for cryptocurrency is just over $1T representing a decline of over 64% in a 24 hour period.
I don't understand how they arrive at this value considering that most major coins lost between 7 - 10% of their value within same timeframe.
Any explanation?

It's only bug and CMC was a garbage site. coingecko was a better site and the total market capitalization was only decreasing around 10%. You should never believe with CMC https://www.coingecko.com/en

This is always happening when there was a problem with CMC. CMC is often showing bug. Sometimes it doesn't show correct data.

You must try to check another site as well to make sure that that's only CMC got showed that. I hope that rest didn't.

[StarKay]

It's only bug and CMC was a garbage site. coingecko was a better site and the total market capitalization was only decreasing around 10%. You should never believe with CMC https://www.coingecko.com/en

Thanks for your response although I don't consider coinmarketcap.com as a garbage site, they're the foremost site for global Cryptocurrency Market Cap and they are still quite relevant.
I've checked https://www.coingecko.com/en and the market cap is $2.78T and now https://coinmarketcap.com/ is showing $2.57T. it's definitely a bug as you rightly suggested.

[vv181]

It's only bug and CMC was a garbage site. coingecko was a better site and the total market capitalization was only decreasing around 10%. You should never believe with CMC https://www.coingecko.com/en

Thanks for your response although I don't consider coinmarketcap.com as a garbage site, they're the foremost site for global Cryptocurrency Market Cap and they are still quite relevant.
I've checked https://www.coingecko.com/en and the market cap is $2.78T and now https://coinmarketcap.com/ is showing $2.57T. it's definitely a bug as you rightly suggested.

Compared to CoinGecko, it's pretty safe to say that CMC is garbage. Besides the total market cap bug, there is also some bug related to specific coin cap like USDT. It's not been happening once, but they haven't yet figured out how to fix it. Not to mention CMC were run across some hacks recently, which results in users data getting leaked.