The majority of the cryptocurrencies were trading in deep red on Wednesday amid mounting concerns about a global recession.
Bitcoin, the world's favourite cryptocurrency, tumbled as much as 5 percent to $19,900 and adding to a 7% slide over the past week. Ether, the second largest token, fell 6.26 percent and hovered around $1,073.
At the same time, Solana and Polkadot witnessed massive falls by plunging 9 percent to hit $33.93, and 8.83 percent fell to $7.42, respectively.
Shiba Inu, on the other hand, the 14th biggest crypto token by market cap, rallied 14 percent in the past 24 hours, as per CoinDesk data at 13:30 IST.
On Wednesday’s open, Asian market Hong Kong’s Hang Seng index fell 2.29%, Shanghai Composite dropped 1.20%, and India’s Sensex slid 1.29%. In Europe, Germany’s DAX plunged 2.9%, while the stock index Stoxx 600 dropped 1.56%.
The global cryptocurrency market cap declined to 4.40 percent to $885 billion in the last 24 hours. However, the total cryptocurrency trading volume plunged over 8.97 percent to $69.16 billion. Out of a total market cap, bitcoin's dominance is 43.26 percent, a decrease of 0.034% over the day, as per CoinMarketCap data.
Meanwhile, the well known meme coin DOGE is back in the top 10 digital token list after Elon Musk’s recent statement. It has surged more than 20 percent after Tesla CEO Elon Musk in an interview with Bloomberg said he will continue to support DOGE. However, Dogecoin is still 91 percent lower than its all-time high price of $0.73 recorded on 8th of March, 2021.