Bitcoin spiked above $50,000 on Tuesday for the first time in more than two years as investors grow optimistic that US approval of trading in the unit will ramp up demand.

The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations that US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it.

After initially dropping in reaction to last month’s green light from the US Government, bitcoin has rallied about 25 percent since January 22.

That advance saw it hit as much as $50,328, according to Bloomberg data, its highest level since late 2021.

As of the time of reporting, Bitcoin has hit $52, 131.