Crypto On June 21: Top Tokens Indicate Signs Of Recovery But Bullish Reversal Not Foreseen Yet

Top cryptocurrencies showed some signs of recovery Tuesday. However, industry experts believe that this should not be taken as a sign of bullish reversal yet.

The global market cap was up 1.84% at $909.19 billion as of 5.07 a.m. ET, CoinMarketCap data showed.

Bitcoin rose 4.22% to $21,381. Ethereum, too, gained 4.24% to $1,168.

According to the WazirX trade desk, "The market sentiment continued to remain in the 'extreme fear zone.' The buying momentum picked up in the last 2 days with the market recovery. However, it is too early to call it a bullish trend reversal."

As per the Indian exchange, Synthetix Network (SNX), a derivatives liquidity protocol providing the backbone for derivatives trading in Defi, rallied by nearly 100% in the last 2 days outperforming the Bitcoin and the overall crypto markets. "In fact, SNX became one of the top-10 bought cryptos across all exchanges," it said.

Most of the top 10 cryptos traded higher. Meme cryptos Shiba Inu and Dogecoin surged too.

Commenting on the market, CoinDCX said, "As the bearish market continues to plague TradFi, there is opportunity and optimism that digital assets—often seen as a hedge against uncertainty—can serve as a long-term safe haven for investors amidst ongoing uncertainties."

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