Bitcoin (BTC) surged past $63,000 on Wednesday, marking the cryptocurrency’s first venture beyond this level since the peak of the last bull market in November 2021.

This substantial rally coincided with significant inflows into U.S.-traded spot ETFs this week. The newly added funds contributed over 12,000 bitcoins on Tuesday, following an addition of approximately 10,000 on Monday.

Notably, this surge precedes the anticipated bitcoin halving scheduled for April, a quadrennial event often associated with robust gains as the issuance of new bitcoin decreases.

While Bitcoin has been on an impressive rally for months, the momentum intensified this week, Coindesk reported.

Just a few days ago, its value was below $51,000, and it surpassed $60,000 shortly before reaching and exceeding the $63,000 milestone.

Written by B.C. Begley