Cumberland Labs analyst: Bitcoin is consolidating at current levels while Ethereum is relatively outperforming in the short term

Bitcoin broke through $70,000 for the first time, but traders seem to be shifting their focus to so-called "meme coins" in search of higher returns. Meme tokens like Dogecoin and Pepe saw double-digit percentage gains on Friday, adding a dazzling touch to this week's remarkable market performance. The second-largest cryptocurrency by market capitalization, Ethereum, has risen by about 16% so far this week, more than twice the increase of Bitcoin. Chris Newhouse, a decentralized finance analyst at Cumberland Labs, said that while Bitcoin is consolidating at current levels, Ethereum is relatively outperforming in the short term; people's attention will definitely shift to other currencies and emerging secondary narratives. After touching $70,000 on Friday, Bitcoin quickly retraced to around $68k level while Ethereum approached $4,000 for the first time since December 2021.