The price of bitcoin (BTC) topped $63,000 on Wednesday,
Image by - GOOGLE
the original cryptocurrency's first time above that level since the peak of the last bull market in November 2021.
Image by - GOOGLE
This week's giant rally has coincided with huge inflows into U.S.-traded spot ETFs
Image by - GOOGLE
with the new funds adding more than another 12,000 bitcoin on Tuesday after adding about 10,000 on Monday.
Image by - GOOGLE
And it comes ahead of the so-called bitcoin halving in April,
Image by - GOOGLE
an event that takes place every four years and usually accompanies strong gains as the issuance of new bitcoin slows.
Image by - GOOGLE
Bitcoin has been on a ferocious rally for months, but that has picked up this week.
Image by - GOOGLE
Just a few days ago, its price was below $51,000.
Image by - GOOGLE
It crossed $60,000 just a few hours before exceeding $63,000.
Image by - GOOGLE
At press time, bitcoin was up more than 10% over the past 24 hours
Image by - GOOGLE
The broader CoinDesk 20 Index, a benchmark of the biggest cryptocurrencies, had rallied 7.8% over the same time period.
Image by - GOOGLE