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Bitcoin’s 1 week range: $40,531-$45,112

The Bitcoin (BTC) Takeaway: For the first time since January, bitcoin was able to hold steady above the $40,000 level a week straight. The run comes amid inflation concerns and expectations that interest rates from central banks around the world will continue to rise. Many investors continue to see crypto as a safe haven of sorts, at least for now.

Source: CoinDesk

Ether’s 1 week range: $2,820-$3,196

The Ether (ETH) Takeaway: Ether, similar to bitcoin, is on a positive run – almost cracking $3,200 for the first time since February. One of the reasons investors are buying ETH is because tests of Ethereum’s ambitious upgrade to make it more usable for perhaps millions of users is going quite well. 

What’s Hot This Past Week – the Best Performing Cryptos on Passfolio: 

  • ApeCoin (APE) +35%
  • Cryptex Finance (CTX) +27%
  • Dogelon Mars (ELON) +19%
  • Quant (QNT) +17%
  • SushiSwap (SUSHI) +15%

What’s Not This Past Week – the Worst Performing Cryptos on Passfolio: 

  • SuperRare (RARE) -10%
  • Kyber Network (KNC) -2%
  • Tokemak (TOKE) -0.50%
  • Moss Carbon Credit (MCO2) 2%
  • Numeraire (NMR) 3%

What to Watch For: 

  • Cryptocurrencies that many thought had seen their heyday in the ICO craze of 2017 are seemingly making a comeback. Assets such as the privacy coin Zcash (ZEC) and bitcoin software fork bitcoin (BCH) have been rising. Of course, most cryptocurrencies did really well this week, so investors need to decide whether this will remain. 
  • Bitcoin (BTC) surpassed US $44,000 this week, the first time it’s been up to that level in almost a month. The world’s oldest cryptocurrency by market capitalization has been tracking the U.S. S&P 500 more closely, as its 90-day correlation is at a 17-week high, making some investors wonder how high it can go in volatile markets. 
  • The Ethereum testnet “Kiln” had a successful run this past week as the network is preparing to move from proof-of-work mining to proof-of-stake, an ambitious and risky move. But things seem to be going well, and the network is going to run tests on another testnet, “Goerli” soon – investors await the results. 
  • The world’s largest hedge fund, Bridgewater Associates, made waves that it would be investing in the cryptocurrency space. Founder Ray Dalio has gone back and forth on the prospects of coins like BTC, but his investment company is looking to invest in funds in the industry to start off with rather than investing in crypto directly. 

Remember to check back with the Passfolio blog for more news for updates!