Cheatsheet: Solana never closer to flipping Ethereum (but still far away) The way things are going, Solana could soon be closer to flipping Ethereum than Ethereum is to eclipsing Bitcoin [David Canellis](/author/david-canellis)/ Solana co-founder Anatoly Yakovenko | Permisionless II by Blockworks This is Cheatsheet, a primer on what’s happening in crypto today.Bitcoin is still taking a breather, causing the rest of the market to twiddle its thumbs.Bitcoin ( [BTC](https://blockworks.co/price/btc)) and ether ( [ETH](https://blockworks.co/price/eth)) were down around 3% a piece as of 7 am ET, with the former hovering around $64,700 — 12% below the all-time high set earlier this month — and the latter at $3,430.ETH is still 30% below its own price record from 2021.
Most top-100 cryptocurrencies are red over the past day, with only about a dozen or so ahead by 2%.
Fantom ( [FTM](https://blockworks.co/price/ftm)), the native token for the hyped layer-1 from the previous cycle, is the best performer with 11%, followed by internet computer ( [ICP](https://blockworks.co/price/icp)) and Axie Infinity-adjacent ronin ( [RON](https://blockworks.co/price/ron)), which have added 8.9% and 6.5%, respectively.More buzzy cryptocurrencies have fared the worst.Decentralized computing token bittensor ( [TAO](https://blockworks.co/price/tao)), is down 9.4% while memecoin floki ( [FLOKI](https://blockworks.co/price/floki)), has lost 8.4%.
Solana ( [SOL](https://blockworks.co/price/sol)) and DEX asset jupiter ( [JUP](https://blockworks.co/price/jup)) are close behind, having tumbled 8%.Solana dog coins bonk ( [BONK](https://blockworks.co/price/bonk)) and dogwifhat ( [WIF](https://blockworks.co/price/wif)) have been clobbered, each shedding close to a quarter of their value.Worldcoin ( [WLD](https://blockworks.co/price/wld)) has meanwhile tanked nearly 16%.On-chain mail Ethereum has long had a target on its back.
Now, after years of fending off “Ethereum killers,” it’s facing increasingly stiff competition.- Solana was the top blockchain for DEX [volumes](https://defillama.com/dexs/chains)over the past week: $21.55 billion to Ethereum’s $19.37 billion (largely attributable to memecoin mania).
– Ethereum still beats Solana after counting layer-2 DEX volumes on Arbitrium, Base and Optimism, altogether worth more than $9.3 billion.- Solana has seen more than double the number of unique active signers than Ethereum over the past week, peaking at over 2 million on Mar.17 to Ethereum’s 456,000, per [Blockworks Research](https://www.blockworksresearch.com/#features)data It’s possible that Solana’s cheapness relative to Ethereum has brought on the recent explosion in activity.Cheaper transactions make it far more attractive to trade repeatedly on-chain, which can convert to higher volumes.On Ethereum mainnet, the median transaction fee has been anywhere from $13.45 to $5 throughout March.Solana’s median was about $0.004 this week, even after exploding 400% (Solana’s average fee has meanwhile hit $0.06, up 1,100% from half a cent at the start of the month).Ethereum users seeking transactions as cheap as Solana can now easily find them, however.
The recent Dencun hard fork solidified Ethereum’s utility as a fairer settlement layer for its many layer-2 networks.Arbitrum and Optimism transactions currently cost less than $0.10.Read more: [The biggest Ethereum upgrade ever goes live](https://blockworks.co/news/ethereum-dencun-upgrade-mainnet) – Solana is closer than ever to flipping ether — its market cap is the equivalent of 19% of ETH, up from less than 4% this time last year.- SOL eclipsing the third most valuable native crypto, BNB, for good seems far more imminent.
SOL has even briefly flipped BNB multiple times over the past month and a half.- ETH is however now much further away from flipping bitcoin, after losing ground since September 2022.Crypto business Bitcoin mining stocks are staging recoveries after a brutal few weeks being dragged by concerns around profitability after the next halving.
– About half of the two dozen mining stocks outperformed the S&P 500 on Thursday, with Gryphon and Cipher leading the pack with 9.7% and 6.15%.- Ohio-based Griid Infrastructure, which debuted on the Nasdaq in January, is set to open Friday 40% higher after a sudden premarket pump.No direct catalyst is immediately apparent.- Hong Kong’s BIT Mining and Bitmain spinoff Bitdeer were laggards across the day and after-hours sessions, altogether slipping 5.16% and 6.75%.
Crypto stocks overall are still struggling compared to broader benchmark indexes, with only five outperforming the 5% gains made by S&P and the tech-heavy Nasdaq 100 over the past month.MicroStrategy (130%), Coinbase (51%), Cipher Mining (38%), CleanSpark (22.5%) and Bitdeer (10%) are so far crypto’s star performers.The market has clear concerns about Gryphon, BIT Mining, Bitfarms, Canaan, Hive and Riot, with each losing more than a quarter of their value over the past month.
China-headquartered SOS, it turns out, is aptly named, having collapsed an eye-twitching 60%.Read more: [Why most bitcoin mining stocks are down amid a persistent crypto rally](https://blockworks.co/news/bitcoin-mining-stocks-crypto-rally) – A raft of executives at crypto companies have sold company stock over the past month, according to OpenInsider data compiled by Blockworks.- Led by Coinbase CEO Brian Armstrong and MicroStrategy chairman Michael Saylor, insiders at Coinbase, MicroStrategy, Riot, Stronghold and CleanSpark have altogether offloaded shares worth $480 million since this time in February.- Core Scientific directors, alongside new CEO Adam Sullivan, have otherwise bet on their own company, buying $1.23 million in shares last week for an average price of $3.16.CORZ is up 10% since then.
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