Ethereum Recorded 338% More Total Transaction Volume than Bitcoin Network in 2022.
The Ethereum Network did better than Bitcoin in regard to total transaction volume in 2022. But Bitcoin did better than Ethereum in terms of online search interest. Ethereum, as per data from Nasdaq and Ycharts, had 338% more total transaction volume (408.5 million) in 2022 than Bitcoin which saw 93.1 million.
ETH saw 1.1 million average daily transactions while Bitcoin recorded 255,000. Experts believe transaction volumes on the Bitcoin network were steadier and more periodic than on Ethereum. The latter experienced more volatility in transaction volumes because of surges in demand such as NFT launches and events like XEN minting. Ethereum’s increased transaction volumes have continued into 2023. On January 2, it recorded 924,614 transactions – a 300% increase compared to the popular Bitcoin’s 229,191 transactions, as per data from Bitinfocharts.
However, analysts are skeptical about a flip that could happen someday. Flipping happens when one chain surpasses a higher-ranked one for the same metric in terms of transactions and activity. But the charts do not include layer 2 transactions. It should be noted that layer 2 transactions push Ethereumeven further ahead of Bitcoin. The number of L2 transactions per second, according to L2beat, surpassed those on layer 1 Ethereum in mid-October. And has remained above.
Overall, Bitcoin remains the most searched cryptocurrency online. According to In Bitcoin We Trust, the popular cryptocurrency attracted the most attention on the Google search engine in 2022 – 28.4 million monthly Google searches across the world.