In a tongue-in-cheek response to CNBC host Jim Cramer's bearish outlook on altcoins, Changpeng Zhao, the former CEO of Binance popularly known as CZ, took to social media to proclaim the start of an "alt season."
This declaration appears to mock Cramer's recent advice to investors. The superstar host recommended buying Bitcoin while cautioning against altcoins.
Struggling to keep up with Bitcoin
According to the latest CoinGecko data, many altcoins are lagging behind Bitcoin's recent gains.
Ethereum (ETH), the second-largest cryptocurrency by market cap, has seen a modest increase of 4.6% over the past week, trading at $2,248.02.
Binance's own token, BNB, recorded a marginal increase of 0.1% with a current price of $229.63.
Other major altcoins, such as XRP, Solana (SOL), and Cardano (ADA), have registered slight gains, but none have come close to Bitcoin's 5.7% rise over the same timeframe.
Dogecoin (DOGE), a crypto crowd favorite, is the only altcoin that has managed to outperform the crypto king over the past 24 hours.
Cramer’s controversial predictions
The host of "Mad Money" has often been at odds with the crypto community, especially with his recent recommendation to avoid altcoins in favor of Bitcoin. This stance has led to a degree of mockery from certain crypto enthusiasts, with some even choosing to counter-trade based on his predictions.
However, it's important to acknowledge that Cramer had previously cautioned about potential issues with Binance, a prediction that seems to have been vindicated with recent developments.
As reported by U.Today, CZ stepped down as CEO of Binance, the world's largest cryptocurrency exchange, amid charges related to U.S. anti-money laundering regulations.