CZ Declares the Start of “Alt Season” in Response to Jim Cramer’s Bearish Outlook
In a lighthearted response to CNBC host Jim Cramer’s pessimistic view on altcoins, Changpeng Zhao, the former CEO of Binance, also known as CZ, took to social media to announce the beginning of an “alt season.”
A Mockery of Cramer’s Advice
This announcement seems to be a playful jab at Cramer’s recent investment advice, where he recommended buying Bitcoin while advising against altcoins.
Altcoins Struggle to Keep Up with Bitcoin
Recent data from CoinGecko indicates that many altcoins are failing to match the gains made by Bitcoin. Ethereum (ETH), the second-largest cryptocurrency by market cap, has only seen a modest 4.6% increase over the past week, trading at $2,248.02. Similarly, Binance’s token, BNB, saw a mere 0.1% increase, reaching a price of $229.63. Other major altcoins, including XRP, Solana (SOL), and Cardano (ADA), have experienced slight gains, but none have come close to the 5.7% rise of Bitcoin over the same timeframe. However, Dogecoin (DOGE) has managed to outperform Bitcoin over the past 24 hours, remaining a favorite among crypto enthusiasts.
Controversial Predictions by Cramer
Cramer, the host of “Mad Money,” has frequently clashed with the crypto community, particularly with his recent recommendation to avoid altcoins in favor of Bitcoin. This stance has prompted some in the crypto space to mock his predictions and even counter-trade based on them.
It is worth noting that Cramer had previously expressed concerns about Binance, which have seemingly been validated by recent events. CZ recently stepped down as CEO of Binance, the world’s largest cryptocurrency exchange, amidst allegations related to U.S. anti-money laundering regulations, as reported by U.Today.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
