In a recent turn of events, Binance’s former CEO, Changpeng Zhao, commonly referred to as CZ, has introduced a new topic for discussion – “alt season.” This announcement seems to have been prompted by CNBC’s Jim Cramer, who has been advising caution in relation to alternative cryptocurrencies.
Let’s dive into the details.
Varying Views: Cramer vs. CZ
Well-known financial figure Jim Cramer has been consistently endorsing Bitcoin while advising investors to stay away from other digital currencies such as altcoins. This advice has sparked mixed reactions among crypto enthusiasts, with some even using it as a basis for making market bets against the norm. Interestingly, some traders tend to adopt a counter-trading approach based on Cramer’s predictions due to his frequent inaccuracies.
However, CZ wasn’t one to hold back.
Altcoins in a Bind
With Bitcoin maintaining its upward trajectory, many altcoins are facing challenges in keeping pace. While Ethereum, the second-largest cryptocurrency, experienced a 4.6% gain recently, others like XRP, Solana, and Cardano only saw marginal increases in their values.
Surprisingly, Dogecoin, often considered an outlier in the crypto market, emerged as the only altcoin to outperform Bitcoin in the past 24 hours. This unexpected surge suggests that altcoins might be gearing up for a revival, despite Cramer’s bearish stance.
Confidence Boost or Just Snark?
CZ’s announcement of an “alt season” could be seen as a vote of confidence in the future of altcoins and might further fuel their upward momentum. Previously, Cramer had expressed concerns about potential issues with Binance which, in light of recent events, seem to have been validated.
Take a look: Binance Ex-CEO Changpeng Zhao Faces Grim Punishment, Predicts Expert
As the crypto landscape continues to evolve, CZ’s prediction of an “alt season” adds an intriguing chapter. The community eagerly awaits to see if altcoins can sustain their momentum or if Bitcoin will continue to dominate. The crypto world is abuzz with anticipation, keen to witness the unfolding of this promising narrative.
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Mustafa Mulla
Mustafa has been writing about Blockchain and crypto for several years. He has previous trading experience and has been working in the Fintech industry since 2017.
