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The weekend brought good news about Bitcoin as the cryptocurrency saw a modest rise in value. On June 29, Bitcoin was trading at $5,875 but it has now rebounded and is valued at $6,634 as of this writing.
Much of the price surge occurred on Saturday, breaking through the $6,000 threshold. As Hacked reported, the next resistance level for the cryptocurrency is around the $6,400-$6,500 level.
Moreover, other digital currencies also saw increased values over the weekend, with the overall market gaining $20 billion during the stretch. Ethereum is now at $452, XRP is at $0.45, and Bitcoin Cash is at $733.
Along with the price surge, the industry also saw an uptick in trade volumes. The latest data shows that daily turnover bounced back some 48 percent, reaching a $14.4 billion margin.
On Tuesday, June 28, “Crypto Trader” host Ran Neu-Ner warned on CNBC that Bitcoin’s value will dip to a new low of $5,350 in the next two weeks. However, the number can potentially go lower, with the host predicting Bitcoin’s value to fall to the $5,000 mark.
While this was Neu-Ner’s stance, Apple co-founder Steve Wozniak said that Bitcoin is still “amazing” but denounced blockchain technology. This sentiment is contradictory to the opinions of Bitcoin detractors, who are saying that the cryptocurrency doesn’t provide real-world value while blockchain does.
Adoption of this innovation is spreading quickly among companies that are trying to leverage its benefits to optimize their operations. For instance, Walmart, IBM, and several food companies have partnered together to create a blockchain-based tracker to monitor their supply chain’s activities.
The tracker was made to reduce the occurrence of outbreaks similar to the romaine lettuce incident, where 197 people in the U.S. were infected. While most of the companies involved in the tracker initiative are rivals, Walmart said that the partnership is important as the companies are trying to improve their industry as a whole.
