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

The price of bitcoin rose to a fresh peak near $112,000, extending a recent rally. The digital token rose as high as $111,875 in overnight trading, according to the CoinDesk Bitcoin Price Index. It had set new records for both end-of-day and intraday levels on Wednesday.

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