- The sudden spike in crypto prices is something that many people have not predicted.
- Others are crediting Jim Cramer for the pump — their strategy is to trade against his predictions.
- Traders must not be greedy, as others are claiming that this could be a bull trap.
The recent crypto pump is causing many people in the community to wonder why it is happening in the first place. In detail, Bitcoin (BTC) has pumped by 10.6% in the last 24 hours to return to the $20,000 zone. This translates to a 23.4% surge in the last 7 days and it appears BTC is not planning on stopping any time soon.
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Meanwhile, leading altcoins like Ethereum (ETH), Polkadot (DOT), and Polygon (MATIC) are seeing double-digit gains from yesterday. However, the biggest gainer so far is Solana (SOL), which is having a remarkable 67% pump in the last 7 days.
People have not been able to pinpoint the exact reason for the pump. However, many have joked that the crypto pump may be the (un)doing of one person, and it’s not Elon Musk or Changpeng Zhao. Instead, it might have been none other than CNBC’s Jim Cramer.
Five days ago, Cramer posted on Twitter, telling people to “again get out of crypto” alongside Chinese stocks, claiming that neither “can be trusted.”
To bring the uninitiated up to speed, Cramer is popular among trading circles for making bulls-eye predictions. That is, if the traders do the exact opposite of what he says.
This trend has been floating around for years. In fact, someone even created a Twitter account associated with an exchange-traded fund (ETF) dedicated to the trend.
Many traders believe in trading against what Cramer predicts. According to them, this strategy actually works.
On a serious note, the current market movement is not something that many have been predicting. There are no significant fundamentals as to why cryptocurrencies, especially BTC, are pumping, although some people are speculating that the bottom might be in.
However, traders have cautioned others from becoming greedy, as there is a possibility of a bull trap.
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