MANILA - The crypto winter is over and the crypto spring has begun, an industry player said on Tuesday after Bitcoin traded at a new all-time high above $72,000.

Some analysts forecast that Bitcoin may even hit $100,00 within the year.

• Bitcoin zooms to record beyond $72,000

Wei Zhou, CEO of crypto trading platform coins.ph admitted that the recent frenzy over cryptocurrencies, especially Bitcoin, is the result of US regulators allowing ETFs or Exchange traded funds to buy and sell crypto.

The US Securities and Exchange Commission earlier this year gave the green light to ETFs pegged to Bitcoin's spot price, making it easier for mainstream investors to add the unit to their portfolio.

Bitcoin won further support on Monday after Britain's financial watchdog said it would also allow crypto-related securities.

• Investing in crypto? Read this first

Wei said Hong Kong's financial authorities are not far behind in mainstreaming crypto.

He estimated that ETFs have been buying 10,000 Bitcoin per day, which is driving up the price of the world's most well-known cryptocurrency.

But besides the high demand from ETFs, another factor he said is the "halving" of the amount of Bitcoin that can be "mined."

From around 900 Bitcoin per day that can be mined, the total would go down to 450 by April.

"The demand is going to accelerate but the supply of bitcoin is getting lessened." Wei said in an interview with ANC.

• In bitcoin's shadow, another cryptocurrency, Ether, stages its own rally

Transactions on coins.ph have also surged to up $50 million per day, and not just Bitcoin but other cryptocurrencies as well.

But Wei said that while other coins are being carried up in the bitcoin wave, it is still better to buy and hold bitcoin as "it could be one of those things that's generational."

"We haven't even seen crypto summer yet."