Why Jim Cramer bought ether instead of bitcoin when crypto stabilized

CNBC’s Jim Cramer said Monday he recently added to his holdings of ether, the world’s second-largest cryptocurrency by market value.

The “Mad Money” host had trimmed his position in ether — which runs on the Ethereum blockchain — in early May after the digital currency hit what was then a series of record highs.

“I went back into Ethereum because bitcoin held [$30,000],” Cramer said on “Squawk Box,” referencing bitcoin’s stabilization above that key support level after the cryptocurrency briefly plunged below $29,000 last week.