Bitcoin and other cryptocurrencies climbed this week amid hopes that spot bitcoin exchange-traded funds will soon be cleared by regulators.

The price of bitcoin has risen 2% over the past 24 hours to above $30,450, having earlier traded closer to $31,000. The largest digital asset has broken out from a stagnant trading range around $26,000, which dominated for almost two months until a rally that started in earnest 10 days ago drove Bitcoin prices to their highest since mid-July.