Binance CEO Changpeng Zhao, CZ, Steps Down from Binance US Board as Chairman

Here’s a fresh new development for you to catch up on! Changpeng Zhao, the former CEO of Binance, popularly known as CZ, has kicked off talk about an “alt season.” This move seems to be a direct response to CNBC’s Jim Cramer, who’s been advising caution when it comes to alternative cryptocurrencies.

Here’s what’s happening.

Differing Views: Cramer vs. CZ

Jim Cramer, a well-known face in finance, has consistently supported Bitcoin, urging investors to stick with it and steer clear of other digital currencies like altcoins. This advice has sparked reactions among crypto enthusiasts, with some using it to make bets against the market. Yes, indeed! Crypto enthusiasts often adopt a counter-trading strategy based on Cramer’s predictions because of how often he gets it wrong.

Well, CZ wasn’t one to keep silent.

Altcoins in a Bind

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-biggest player, saw a decent 4.6% gain recently, other major players like XRP, Solana, and Cardano had only minor increases in their values.

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.

Confidence Boost or Just Snark?

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.

Also Read: Binance Ex-CEO Changpeng Zhao Faces Grim Punishment, Predicts Expert

As the crypto world keeps evolving, CZ’s prediction of an “alt season” adds an interesting chapter. We’re on standby to see if altcoins can keep their momentum going or if Bitcoin will stay at the top. The crypto community is buzzing with anticipation, waiting to see how this intriguing story unfolds.

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.