On Wednesday, Bitcoin (BTC) price topped $63,000, surpassing that level for the first time since the peak of the previous bull market in November 2021.
This week’s big rally coincided with huge inflows into U.S.-traded spot ETFs, with the new fund adding about 10,000 Bitcoin on Monday and more than 12,000 more on Tuesday. And it will take place before the so-called Bitcoin halving in April. This event occurs every four years and is usually accompanied by a significant price increase due to a slowdown in the issuance of new Bitcoins.
Bitcoin has been on a wild rise in recent months, but the upward trend accelerated this week. Just a few days ago, the price was below $51,000. In just a few hours, it sold for more than $60,000, then $63,000.
At the time of writing, Bitcoin is up over 10% in the past 24 hours. The broader CoinDesk 20 index, the largest cryptocurrency benchmark, rose 7.8% over the same period. According to CoinGecko, 4,444 Bitcoin bulls are currently targeting Bitcoin’s all-time high of $69,045, which was reached on November 10, 2021.
