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CNBC’s Mad Money host Jim Cramer is back with his bearish crypto sentiment. It is not the first time he has told investors to sell, but markets have made different moves.
On Dec. 5, crypto bear Jim Cramer was back telling investors, “It’s never too late to sell.” The comments came almost a month after he suggested selling the bottom following the FTX collapse:
“The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets,”
Cramer has a history of suggesting that investors buy the top and sell the bottom.
IBC Group founder Mario Nawfal, who recently interviewed Sam Bankman-Fried, said he was bullish. Several prominent crypto traders echoed the sentiment:
Jim Cramer: Sell It Now!
On Nov. 10, Cramer said, “this is your chance to get out of crypto.” Markets had plummeted to a new cycle low, with total capitalization dropping to around $830 billion. Bitcoin prices plunged below $15,800, and the negative sentiment was all-pervading.
Since then, Bitcoin has recovered around 10% to reach $17,400 on Dec. 5. It has retreated marginally since then but remains over $17,000 at the time of press.
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Total capitalization increased by more than $70 billion, topping $900 billion three weeks after the FTX collapse.
According to CNBC, Cramer expects major cryptos such as Ripple’s XRP, Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) to fall much further, “possibly to zero.”
He added:
“There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what happened with bad stocks during the dotcom collapse.”
Those who followed Cramer’s advice and sold Polygon (MATIC) on Nov. 10 would have missed out on the 17% gain it has made since then.
Futures trade ‘Satoshi Flipper’ said Jim Cramer was the worst kind of trader:
Crypto Markets Consolidate
There has been no epic collapse of crypto assets, and the cycle bottom has been very similar to the 2018 cycle peak.
However, markets have entered into another consolidation phase, remaining range bound for the past three weeks.
In its weekly report, Glassnode stated that the magnitude of financial losses has diminished in recent weeks following the leverage flush-out.
Total market capitalization is currently $889 billion, according to CoinGecko. This equates to a decline of 1.3% on the day.