Ethereum transactions 338% higher in 2022 but Bitcoin remains most popular

The Ethereum community eclipsed Bitcoin in phrases of whole transaction quantity final yr, although the king of crypto has managed to retain its crown in terms of on-line search curiosity.

According to knowledge from Nasdaq and Ycharts shared on Reddit on Jan. 2, Ethereum had 338% extra whole transaction quantity in 2022 (408.5 million) than the Bitcoin community (93.1 million).

ETH vs BTC transaction volumes – Nasdaq/Ycharts by way of Reddit

The values proven in the chart are in thousands and thousands of transactions with the common day by day transactions at round 1.1 million for ETH and 255,000 for BTC.

However, transaction volumes on the Bitcoin community have been steadier and extra periodic than Ethereum, which skilled way more volatility in transaction volumes. This was as a result of spikes in demand at sure occasions resembling NFT launches and different gas-guzzling occasions resembling XEN minting.

Ethereum’s heftier transaction volumes have continued into the brand new yr, with the Ethereum transaction depend on Jan. 2 reaching 924,614, a 300% enhance in comparison with Bitcoin’s 229,191 on the identical day, in accordance with Bitinfocharts.

Ethereum transactions 338% higher in 2022 but Bitcoin remains most popular
ETH vs BTC transaction volumes — Bitinfocharts

The analyst who posted the metrics mentioned he was “skeptical about individuals saying {that a} flippening might occur sometime,” including that these advocating for it have purpose to take action now.

A flippening happens when one chain surpasses a higher-ranked one for a similar metric, in this case, transactions and exercise.

The charts additionally don’t embody layer 2 transactions which might put Ethereum even additional forward of Bitcoin for this metric. According to L2beat, the variety of L2 transactions per second (TPS) really surpassed these on layer 1 Ethereum in mid-October and has remained above it ever since.

Related: Why the battle for low or no transaction charges actually issues

However, whereas Ethereum could also be forward in transaction and exercise phrases, Bitcoin remains the most searched cryptocurrency on-line. 

On Jan. 1, a e-newsletter from “In Bitcoin We Trust” revealed that BTC attracted the most consideration on the  Google search engine in 2022, with 28.4 million month-to-month Google searches internationally.

The report concurred with Cointelegraph which revealed that Ethereum didn’t make second and even third place for search recognition. These spots have been occupied by meme cash Shiba Inu (SHIB) and Dogecoin (DOGE) respectively.

Ethereum, in fourth place, had 3.8 million world month-to-month searches in accordance with the info.