The cryptocurrency market dipped today after a few days of stability that followed the Sunday sell-off. The total market capitalization dropped by 1.3% to hit $127.6 billion. Losses were fairly contained, as only 7 of the top 100 cryptocurrencies fell by 5% or more.
Apart from BNB and EOS, the entirety of the crypto top 10 dipped, with ETH seeing the biggest drop. As the Constantinople hard fork approaches, some ETH holders are speculating whether the market followed the “buy the rumor, sell the news” strategy when ETH led the charge in the cryptocurrency market’s mid-February rally. In any case, let’s hope that the third time’s the charm and tomorrow’s upgrade goes smoothly for the Ethereum network.
Bitcoin saw a quick but fairly small drop which was caught by support at the $3,800 price level. BTC trading volume fluctuated between $5.9 and $5.4 billion without major movements. Since the Sunday drop, BTC hasn’t yet made a serious attempt to reclaim the $4,000 mark. Bitcoin currently represents 52.3% of the total cryptocurrency market cap.
The day’s worst performer in the top 100 was MANA, which corrected after spiking yesterday on the news of Decentraland’s partnership with HTC. Similarly, ENJ cooled off after yesterday’s reports of Samsung including the Enjin wallet on its Galaxy S10 smartphone resulted in the token skyrocketing in value. Despite today’s correction, ENJ is still trading well above its pre-spike levels.