Price move gives renewed hope that the digital token can achieve a kind of escape velocity against almost any economic backdrop.

Bitcoin price topped its all-time high and sailed past $111,000 overnight, fueled by favorable macro conditions, regulatory developments and institutional demand for digital assets. Bitcoin is up 4% over the last 24 hours to last trade at $110,

Options data shows traders are increasingly betting the bitcoin price will climb to $300,000 by June—a level that would give bitcoin a market capitalization of around $6