Bitcoin climbed above $45,000 a unit on Tuesday for the first time since April 2022 as investor confidence in the exchange-traded fund’s potential approval continued to grow, CNBC reported.

The world’s most expensive cryptocurrency hit an intraday high of $45,913.30 a unit on Tuesday morning, according to Coin Metrics. This was the highest level reached since April 5, 2022, and the first time since then that the cryptocurrency surpassed the $45,000 mark.

Bitcoin later capped gains at 3%, trading at $45,194.73 apiece.

The move comes amid growing excitement among traders that the US may approve the first Bitcoin ETF.

This would allow investors to buy a product that tracks the price of Bitcoin without having to hold the cryptocurrency directly, which is likely to be attractive to large institutional investors.

On Friday, BlackRock and other potential issuers updated the registration forms for the proposed bitcoin ETF, including the names of authorized participants.

Investors are taking this additional detail as evidence that a decision from the US Securities and Exchange Commission is coming soon.

Many industry experts expect the funds to be approved in January.

In turn, other cryptocurrencies also rose in price. Ether was trading at around $2,387 a unit, up about 4%, while Solana rose 7% to $113.