Bitcoin Price Today: BTC Soars 8% to $74,982 as Crypto Rally Explodes; Ethereum, XRP Surge

Bitcoin surged 8% to $74,982 on Friday, August 21, 2026, extending a powerful weekly rally. The cryptocurrency has now climbed nearly 20% since Monday, fueled by a surprise US Treasury policy shift. Ethereum jumped toward $2,300, gaining roughly 18% in 24 hours, while XRP surged past $1.25. 

Total crypto market capitalization reached $2.56 trillion, up 4.1% for the day. The Fear and Greed Index climbed to 72, signaling strong Greed across the broader market.

Bitcoin Breaks Above Key Resistance Levels

Bitcoin’s (BTCUSD) breakout above $75,000 confirms a major shift after weeks of sideways trading below $65,000. The rally has been partly fueled by leveraged short sellers forced to buy back positions.

• Bitcoin’s market capitalization now stands near $1.48 trillion.
• Bitcoin dominance across the crypto market sits at 57.8%.

Analysts now see $80,000 as the next major target if bullish momentum continues building. A sustained close above $75,000 would turn that level into fresh support, reducing near-term downside risk significantly.

Treasury Policy Shift Sparks the Rally

This week’s crypto surge traces directly back to Treasury Secretary Scott Bessent’s decision to double debt buyback operations. That policy move increases buybacks to $4 billion per operation, aimed at supporting market liquidity.

• The US dollar weakened sharply following the Treasury’s announcement.
• A separate White House meeting with crypto industry executives on August 19 added further momentum.

Traders interpreted the buyback expansion as a liquidity-friendly signal, pushing capital toward riskier assets like Bitcoin. That combination of dollar weakness and improved sentiment created ideal conditions for this week’s sharp reversal.

Ethereum and XRP Outpace Bitcoin’s Gains

Ethereum (ETHUSD) has outperformed Bitcoin throughout this rally, climbing over 25% for the week to trade near $2,291. XRP posted even stronger weekly gains, rising nearly 30% to reach $1.25.

• Ethereum’s single-day gain reached 17.8%, pushing it toward the psychological $2,300 level.
• XRP jumped 20.4% in 24 hours, with analysts now eyeing $1.50 as a near-term target.

Hyperliquid’s HYPE token posted the sharpest gain among major tokens, surging 22.6% to $72.18. Solana added 10.3% to reach $86.83, while Dogecoin climbed 11.2% to $0.07883 during the same session.

What Traders Should Watch Next

Sustaining this rally will require continued buying pressure across ETF flows, open interest, and funding rates. Bitcoin-linked stocks like Strategy Inc (NASDAQ: MSTR) and Coinbase Global (NASDAQ: COIN) have rallied alongside the broader crypto market this week. A failure to hold above $70,000 could send Bitcoin back toward the $66,000 to $67,000 range. For now, momentum indicators and key technical levels continue pointing toward further near-term upside across major tokens.

Final Thoughts

This week’s rally shows how quickly sentiment can shift once major macro catalysts align favorably for risk assets. With the Fear and Greed Index jumping from 29 to 72 in just two weeks, follow-through buying remains critical to confirming this trend. Traders should stay disciplined, since rallies built on short liquidations can reverse just as sharply as they began.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.