• Bitcoin, Ether plunge
  • Top tokens back in red
  • Shiba Inu surges

Top cryptocurrencies, including Bitcoin and Ethereum, plunged again Wednesday after trading higher for a couple of days. On the other hand, meme cryptos Shiba Inu and Dogecoin continued to trade in the green.

The global market cap was down 3.84 percent to $890.38billion, as of 3.35 a.m. ET, CoinMarketCap data showed.

Bitcoin plunged 4.41 percent to $20,198. Ethereum, too, dipped 6.28 percent to $1,081.42.

According to WazirX's daily analysis, the minor recovery experienced by Bitcoin had sparked the interest of people in Bitcoin again as the number of searches for the token reached a 12-month high. "The daily trend for Bitcoin continues to traverse within a descending channel pattern seemingly bouncing off the support levels. The next key support for Bitcoin is expected at $14,000. The daily RSI recovered back above the 25 level, still remaining in the oversold zone," the Indian exchange told International Business Times.

The Indian exchange further said that even as Bitcoin, Ethereum and other major altcoins dropped by over 20 percent because of the last week's crash, Cardano(ADA) fairly held its ground, correcting only by a meager 2 percent as it withstood massive sell-offs during that period. "On the hourly time-frame, the ADA trend has formed a channel pattern, bouncing between the $0.54 and $0.43 levels. The next key support for Cardano is expected at the $0.4 level. Investors are highly optimistic about Cardana as it gears up to launch new network updates in the coming weeks," it said.

While most of the top 10 tokens plunged, meme cryptos Shiba Inu and Dogecoin maintained the rising momentum. Doge's surge came after Tesla's Elon Musk's comment on favoring the meme crypto.

In other news, crypto industry donors including brokers, venture capitalists and investors have contributed over $52million in political donations during the U.S. midterm election cycle. Half of these funds arrived in May alone, with the largest crypto donor of the month targeting Republican candidates, according to a Bloomberg report.

The cryptocurrency market is extremely volatile and experts recommend not basing investment decisions on the current shift in prices.

Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021.
Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021. Reuters / DADO RUVIC