On Monday, the price of Bitcoin broke through $122,000, mainly driven by a favorable executive order released by Washington and three consecutive days of inflows into the spot Bitcoin ETF.
Apollo Crypto's Chief Investment Officer Henrik Andersson stated that this increase was very necessary after a month of consolidation.
"In our view, it is just a matter of time. During this period, we have seen increased ETF inflows, more companies purchasing Bitcoin, and several positive policies from the White House."
According to TradingView data, Bitcoin (BTC) rose over 3.3% in early trading on Monday, reaching $122,150, close to its historical high of $123,000.
President Trump's executive order is seen as a boost for the industry as it may allow cryptocurrencies to enter 401(k) retirement plans, introducing $9 trillion in funding for Bitcoin and the broader cryptocurrency industry.
Additionally, Michael Saylor hinted on Twitter that his company would add more Bitcoin to its $76.8 billion reserves, stating, "If you don't stop buying Bitcoin, you won't stop making money."
Bitcoin ETF issuers collectively purchased $773 million worth of Bitcoin last weekend.
Bitcoin market sentiment is stable
Despite the rebound, the 'Crypto Fear & Greed Index' remains in the 'Greed' range of 70, indicating that market sentiment is not yet overheated.
Meanwhile, Google's search interest in Bitcoin has only slightly increased in the past week, reaching 48 points, still far from the peak of the past 12 months.
BTC and ETH drive new highs in the cryptocurrency market
As Bitcoin surpassed $122,000, it is also catching up to Ethereum's (ETH) recent gains, with ETH rising 1.8% in 24 hours compared to BTC's 3.3%.
ETH has nearly tripled from $1,435 on April 9, currently priced at $4,315. The price increases of BTC and ETH have driven the total market capitalization of the cryptocurrency market to a new high of $4.14 trillion on Monday.
