Jan. 2 (UPI) — Bitcoin hit its highest price since April 2022 on Tuesday, buoying investors’ hopes for the world’s largest cryptocurrency in 2024.

Bitcoin had hit a high of $45,913.30 by Tuesday afternoon, according to Coin Metrics, adding more than 7% in 24 hours to open the new year. Investor confidence was building that the U.S. Securities and Exchange Commission will soon approve a bitcoin exchange-traded fund.

Traders say they are excited about a potential ETF approval in the United States. But cryptocurrency analysts and market commentators have mixed opinions on what impact the move would have.

“Some analysts from cryptocurrency trading platforms believe that even if the ETF is approved, bitcoin may not immediately experience a significant rally,” Ryan Lee, chief analyst at Bitget Research, told CoinDesk.