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

Bitcoin rose to a new all-time high on Wednesday, breaking its January record. The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,

For years, bitcoin and equities, especially tech stocks, have moved in tandem. However, bitcoin’s rally to a fresh record high this week doesn’t necessarily mean stocks will follow along.

Bitcoin soared to a fresh record on Wednesday amid increasing acceptance of cryptocurrencies on Capitol Hill and Wall Street.