Crypto Market Surges as Ethereum and Solana Outpace Bitcoin

The crypto market saw a significant surge on Wednesday morning, with Ethereum (ETH), Solana (SOL), and XRP outperforming Bitcoin (BTC) as it shot past $69,000 for the first time since June. The sudden rally followed the U.S. Treasury's announcement that it would double its bond buyback operations.

Ethereum led the charge among major cryptocurrencies, gaining nearly 9% in the last 24 hours to cross $2,000, marking its highest level since May. Solana's price rose over 7% in the same time frame, crossing $81 for the first time since July, while XRP's price rose 6.7% in the last 24 hours to cross $1.

The rally wiped out over $1 billion in crypto bets within the last hour, amounting to $1.6 billion over the past day. On Stocktwits, retail sentiment around Ethereum and Solana improved significantly, with Ethereum's sentiment rising to 'bullish' from 'neutral' territory and Solana's improving to 'extremely bullish' from 'bullish'.