SMBSC Securities: If BTC pumps further, other major cryptocurrencies like ETH should catch up first

According to Shoki Omori, Chief Japan Strategist at SuMi TRUST in Tokyo, 'If BTC is to pump further, other major Cryptocurrencies should catch up first, such as Ethereum. Compared to BTC, Ethereum looks cheap. Ripple (XRP) once pumped, but we see profit-taking again at its price of $2.80. Altcoins seem to be fluctuating violently. The Cryptocurrency community is looking for positive news to drive Cryptocurrency prices up. With the market having digested a lot of news related to Trump, the Favourable Information factor brought about by Trump's trades is starting to weaken.' Shoki Omori added:"After the news of Atkins being nominated as SEC chairman was announced, retail investors saw BTC prices break through $100,000 and must have been very excited. The market knows that Gensler will resign and that someone who is less hard on cryptocurrency regulation will take over. Of course, this doesn't mean that BTC will always pump, as there will be profit-taking in the market." (Reuters)