Ethereum transactions 338% increased in 2022 however Bitcoin stays hottest

The Ethereum community eclipsed Bitcoin when it comes to complete transaction quantity final yr, although the king of crypto has managed to retain its crown with regards to on-line search curiosity.

In line with information from Nasdaq and Ycharts shared on Reddit on Jan. 2, Ethereum had 338% extra complete 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 within the chart are in tens of millions of transactions with the common day by day transactions at round 1.1 million for ETH and 255,000 for BTC.

Nonetheless, transaction volumes on the Bitcoin community had been steadier and extra periodic than Ethereum, which skilled far more volatility in transaction volumes. This was as a consequence of spikes in demand at sure instances reminiscent of NFT launches and different gas-guzzling occasions reminiscent of 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% improve in comparison with Bitcoin’s 229,191 on the identical day, in response to Bitinfocharts.

ETH vs BTC transaction volumes — Bitinfocharts

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

A flippening happens when one chain surpasses a higher-ranked one for a similar metric, on 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. In line with L2beat, the variety of L2 transactions per second (TPS) truly surpassed these on layer 1 Ethereum in mid-October and has remained above it ever since.

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

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

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

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

Ethereum, in fourth place, had 3.8 million international month-to-month searches in response to the information.