Crypto-linked stocks also joined the rally, with BMNR, MSTR, CRCL and COIN shares all posting double-digit gains in intra-day trade.

  • Bitcoin climbed to above $68,000 for the first time since June and stopped just short of hitting $69,000.
  • Ethereum, Solana, and XRP outperformed the apex cryptocurrency, with ETH leading the charge among the major cryptocurrencies.
  • The rally followed the U.S. Treasury's announcement that it would double the size of its bond buyback operations.

Ethereum (ETH), Ripple (XRP) and Solana (SOL) outperformed Bitcoin (BTC) on Wednesday morning as the apex cryptocurrency shot past $69,000 for the first time since June.

The sudden rally that came after the U.S. Treasury announced it would double its bond buyback operations wiped out over $1 billion in crypto bets within the last hour, amounting to $1.6 billion over the past day.

Crypto liquidations over the past day. Source: CoinGlass

Ethereum, Solana And XRP Outpace Bitcoin

Ethereum’s price gained nearly 9% in the last 24 hours to cross $2,000, marking its highest level since May. Meanwhile, Solana’s price rose over 7% in the last 24 hours, crossing $81 for the first time since July. XRP’s price rose 6.7% in the last 24 hours to cross $1.

Ethereum’s price performance over the past three months on August 19 as of 11:30 a.m. ET | Source: Coinbase/TradingView

On Stocktwits, retail sentiment around Ethereum rose to ‘bullish’ from ‘neutral’ territory over the past day while sentiment around Solana improved to ‘extremely bullish’ from the ‘bullish’ zone.

Ethereum retail sentiment on August 19 as of 11:30 a.m. ET | Source: Stocktwits

Meanwhile, Bitcoin’s price shot up by around 6% to hit an intra-day high of over $69,000 before trimming gains, according to Coinbase data. The apex cryptocurrency was among the top trending tickers on Stocktwits at the time of writing, with retail sentiment improving to ‘bullish’ from ‘neutral’ territory over the past day.

Bitcoin’s price performance over the past three months on August 19 as of 11:30 a.m. ET | Source: Coinbase/TradingView

Crypto Stocks Rally Alongside Crypto Surge

Crypto-linked equities also rallied alongside the cryptocurrency market, with Tom Lee-backed Bitmine Immersion Technologies (BMNR) and Michael Saylor’s Strategy (MSTR) rallying over 13%. MSTR stock crossed $100 after trading below that level for over a week.

USDC stablecoin issuer Circle (CRCL) gained 12%, while cryptocurrency exchange Coinbase (COIN) jumped by around 11%. 

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