The market for cryptocurrencies reached a new high on Monday thanks to Bitcoin’s incredible rise to an all-time high. The virtual currency surged to a high of $72,710 late on Monday, indicating a quick recovery for the cryptocurrency market. Ether had a noteworthy surge concurrent with the rise of Bitcoin, rising 4.5% to reach $4,038.

The Extreme Greed Driving the Crypto Market

The rise in the cryptocurrency market, according to Alex Kuptsikevich, senior market analyst at FxPro, is the result of “extreme greed,” with the majority of investor interest going toward popular coins like Bitcoin and Ethereum.

Trading activity has picked up again for BNB (Binance Coin), which increased by more than 4% in a single day and by 25% over the last week, surpassing the growth rates of both Ethereum and Bitcoin. Even with this impressive improvement, BNB is still about 15% behind its record highs from late 2021.

Factors Fueling the Price Increase of Bitcoin

There are several reasons behind the recent increase in the price of bitcoin. First off, the impending Bitcoin Halving event in April is a major source of market excitement. The introduction of Spot Bitcoin ETFs in the US has also increased interest in the cryptocurrency. Positive momentum has also been aided by the UK’s Financial Conduct Authority (FCA) permitting some exchanges to publish exchange-traded notes connected to cryptocurrencies for the first time.

According to Mikkel Morch, the creator of the digital asset investment firm ARK36, the recent increase in the price of Bitcoin is directly related to changes in UK regulations. The UK’s legislation has improved investor confidence by aligning with that of the US, the Middle East, and Europe. This indicates that cryptocurrencies are becoming more widely accepted and institutionalized.

iShares from BlackRock Trust in Bitcoin Exceeds MicroStrategy’s Holdings

The fact that BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed MicroStrategy’s Bitcoin holdings marks a significant turning point in the cryptocurrency industry. In just two months, IBIT has accumulated around 200,000 Bitcoin, making it one of the world’s largest Bitcoin holders—it has surpassed MicroStrategy’s 193,000 BTC holdings.

Michael Saylor, the CEO of MicroStrategy, also disclosed that the company would be selling $800 million in convertible senior notes in order to increase its sizeable Bitcoin reserves. Saylor encourages individuals to “HODL” their Bitcoin for lengthy periods of time and promotes long-term investment in the cryptocurrency.