Both traditional and crypto markets had positive movements in March. Bitcoin and stock indices moved very tightly this month, with returns of 5.4%, 5.2%, and 5.1% for BTC, S&P500 and Nasdaq, respectively.
- Solana’s price rose 23.2% in March, reaching $123 at month end, after previously falling to $99.8 at the end of February. This is the first time Solana has seen double digit return since October 2021 and the first time it has broken its 50-day moving average in 2022.
- Total fees paid on the blockchain broke a four-month downward trend, increasing 18.3% to $15.2mn. This was coupled with an average fee per transaction increase of $1.84 to $1.91. Monthly transaction on the blockchain also increased from February to March, reaching 7.98mn – the highest month we’ve seen on Bitcoin in 2022.
- For the second consecutive month, Ethereum fees have continued to fall, this time sharply declining 37% down to a total of $424mn, following the 12 month record fall of 46.7% which occurred the month prior. Low fees resulted in less ETH being burnt, as a result, the network was inflationary for the whole month.