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,

The price surpassed the giddy level hit just hours prior to the inauguration of President Trump on January 20.