Bitcoin’s market capitalization rose to a new all-time of $1.30 trillion on Monday morning, surpassing its previous high of $1.27 trillion reached in Nov. 2021 as the price of bitcoin continued to surge.  

Bitcoin rose to over $66,000 on Monday morning, putting it within 5% of its all-time high of just over $69,000 reached in Nov. 2021. The reason its market cap is higher now than it was then is that there are now more bitcoin in existence — 19.64 million — than there were previously, with a new supply of the cryptocurrency constantly being added to the market by miners. 

Read more: Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?

Bitcoin’s price has already hit an all time high against major currencies such as the euro and the British pound, climbing above 60,000 euros for the first time on Monday morning.  

Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, attributed bitcoin’s recent surge to the huge demand for the recently-approved spot bitcoin ETFs, and the upcoming halving, which will reduce the rate at which new bitcoins are mined by half. 

“It’s both these factors, and also a factor of more strong-handed investors and institutions investing now and the fundamental nature of bitcoin’s supply being limited as opposed to the dollar,” DiPasquale said. “We’re working with a very finite number of bitcoin.”