 Hi everyone, I'm Giovanni and today with us senior market analyst Mati Grinspan with the latest market updates. So Mati, can you give us like an update about the last events in the market? Yeah, so Bitcoin crossed $10,000 over the weekend. Even popped its head above $11,000 briefly at two different points. At the moment we've got a nice ascending triangle over here a lot of momentum right now. And what about other altcoins like Litecoin, Ethereum? Did you see any of these altcoins leading the last rally? Bitcoin is firmly in control of this rally. It's up about 10% on the week whereas some of the other altcoins, most of them are around 3%, maybe 4%. NEO is also flying, I don't know about that as 28%, but I wouldn't say that NEO is really leading the market. Definitely all of the focus from the mainstream media and from crypto enthusiasts is around Bitcoin. What's the difference between the current pattern of Bitcoin compared to the one that we observed during the 2017 bubble? Yeah, that is an excellent question Giovanni. And what I can say is that the first time Bitcoin rose above $10,000 per coin back in late 2017, it was amidst a kind of FOMO driven rally. And what I can say is that this time around, this $10,000 more reflects the true value and it seems a lot more sustainable given current adoption rates. Here we can see the transaction rate in Bitcoin. In 2017, it did spike up to about four and a half transactions per second, but it didn't stay there for very long. That was based on the speculation and hype, there was a big spike in the transaction rate. Actually what we can see is throughout 2017, so since about January, the transaction rate has largely remained above three and a half transactions per second. So we can see these days there's a lot more usage of the blockchain and that basically contributes to its evaluation. We can also look at the level of activity on local Bitcoins, which is a peer to peer trading site, which also reflects real world usage much more than we would see at exchanges, which is more speculative. And what we'll notice here is that since the overall volume at local Bitcoins rose above $50 million around September 2017, which is about here, and it actually has not gone significantly below that since. So meaning that all that time from then until now, we have a lot more activity on the blockchain. So this is a rapidly growing industry. 2017 brought us awareness. Basically, during that time, the entire world was just kind of figuring out what Bitcoin is and what it's all about. And today, ever since then, we have that awareness. And this is basically this rally is driven by more fundamentals. Can you tell me something about price levels? Yeah, so overall, I mean, it's very clear that the move above $10,000, which was a strong psychological resistance level, was a big driver. And now we can see very clearly the upward trajectory of this market. So if we start drawing our support and resistance levels, we'll see that we're just at the top of this channel at the moment. So if we draw our support here along the bottom, and then our resistance here along the top, we can notice that we're quite at the top of this channel, which would normally mean that we could be due for a pull back. If we do see a pullback, we can probably expect that that 10,000 level gets broken again down to the downside, possibly testing that 9,000 level, which was a resistance in early June. But it doesn't have to. I mean, right now, like I said, we have an ascending triangle on the short term. We could very well get a break to the upside. So we'll have to wait and see. What I do want to note is that that break above 10,000 was happened on strong volume. We can see in Misari crypto, the real 10 across the 10 biggest exchanges is trading at $1.6 billion. That's a big number. That's more than double what it was a week ago, almost triple. So definitely this move is coming with strong volume. Regarding a recent article published by Cointelegraph, in which there are four reasons why this time Bitcoin can break the $20,000 all-time highs. So the reasons included in the article are institutional demand, as opposed to the retail back in 2017, and much better network fundamentals, and microeconomic problems within the fiat world. So do you agree with this kind of analysis? 100%, I agree. And actually, I'll go you one further. About a week ago, I posted a poll on my Twitter account, and those were the four options that I gave to people. So not only are those the main drivers, but we can also see kind of what people are thinking are of those main drivers moving the price more. So first of all, institutional investors, technicals and momentum, greater adoption, and then the macroeconomic picture. It seems that most of the respondents on this poll were saying that institutional investment, the speculation that larger players are coming into the market, Facebook, we're talking about backed, we're talking about fidelity, we're talking about in Japan, they have line, which is a big messaging app over there, which is set to open their own crypto exchange. So we have a lot of excitement that larger players are about to enter the market. But overall, I would say that that article is spot on. Those are in conjunction the four main drivers. Thanks a lot, Mati. See you next week. Thank you very much and have an awesome day. And as always guys, don't forget to subscribe to our channel to get more content on the latest market updates. Hi guys, as you might know, Cointelegraph has its own merch store. And right now we have a special offer for all our subscribers. Use the promo code HODLERSDIGES30 to get a 30% discount on anything in our store. But for those of you who want even more, we have an extra special offer. Put what you think Bitcoin's price will be on Monday, July 1st in the comments below. Then on Monday, we'll look at all your answers and whoever's guess is most accurate gets a $50 store credit.