The cryptocurrency market is witnessing an interesting shift as Changpeng Zhao, the former CEO of Binance, popularly known as CZ, has declared the start of an “alt season,” seemingly challenging CNBC host Jim Cramer’s recent warning against altcoins.
Cramer has been a vocal critic of altcoins, advising investors to prioritize Bitcoin over these alternative cryptocurrencies. His stance has drawn mixed reactions from the crypto community, with some enthusiasts even adopting a counter-trading strategy based on his predictions.
Altcoins Lag Behind Bitcoin’s Surge
CZ’s declaration of an “alt season” comes as Bitcoin continues its upward trajectory, while many altcoins struggle to maintain the same pace. While Ethereum, the second-largest cryptocurrency by market cap, managed a modest 4.6% gain over the past week, other major altcoins like XRP, Solana, and Cardano saw only slight increases.
Interestingly, Dogecoin, often considered a crypto market outlier, emerged as the only altcoin to outperform Bitcoin over the past 24 hours. This unexpected surge suggests that altcoins may be poised for a comeback, despite Cramer’s bearish outlook.
This declaration could be seen as a sign of confidence in the future of altcoins and could further fuel their upward momentum. Cramer had previously raised concerns about potential problems with Binance, and those concerns now seem justified in light of recent events.
As the cryptocurrency market continues to evolve, it will be fascinating to see whether CZ’s prediction of an “alt season” proves accurate. Time will tell whether altcoins can maintain their recent gains or whether Bitcoin will continue to dominate the market.
