Bitcoin experienced its fifth consecutive day of surge, nearing the $60,000 mark on Wednesday. This upward momentum was fueled by inflows into new U.S. spot bitcoin exchange-traded products, propelling it by 39.7% throughout February. If sustained, this would mark Bitcoin’s most substantial monthly rally since December 2020. As of the latest update, Bitcoin showed a 4.4% increase, reaching $59,259, its highest level since December 2021. Simultaneously, Ether, another leading cryptocurrency, witnessed a 2.2% rise to $3,320, hitting yet another two-year peak.

Investors and traders have been increasingly drawn to Bitcoin, particularly in anticipation of April’s halving event. This event is a crucial aspect of Bitcoin’s design, aimed at slowing down the release of new bitcoins into circulation.

On February 26, Bitcoin surged to its highest level in more than two years, hitting $57,000. The cryptocurrency saw a 9 percent increase, briefly touching the significant $57,000 mark for the first time since November 2021, as per CoinDesk. However, it subsequently retreated to approximately $56,500 levels.