Mizuho Securities: If BTC continues to rise, ETH and other major cryptocurrencies should catch up first
According to Reuters, Shoki Omori, chief Japan strategist at Mizuho Securities Tokyo branch, said: If Bitcoin is to rise further, other major cryptocurrencies should catch up first, such as Ethereum. Compared with Bitcoin, Ethereum looks cheap. Ripple once rose but we saw it take profits again at a price of $2.80.
Altcoins seem to be volatile. The cryptocurrency community is looking for positive news to drive the general rise in cryptocurrency prices. With the market having digested much of the Trump-related news, the benefits brought by Trump's trade are beginning to weaken.
Shoki Omori added that after Atkins was nominated as chairman of SEC and announced publicly, retail investors must have been very excited when they saw Bitcoin break through $100k USD; knowing that Gensler will resign and someone less tough on crypto regulation will succeed him. Of course this does not mean that bitcoin will always go up because there will be profit-taking actions in the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Variational open interest has exceeded $2 billions.
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