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

Published at: Jan. 3, 2023

The Ethereum network eclipsed Bitcoin in terms of total transaction volume last year, though the king of crypto has managed to retain its crown when it comes to online search interest.

According to data from Nasdaq and Ycharts shared on Reddit on Jan. 2, Ethereum had 338% more total transaction volume in 2022 (408.5 million) than the Bitcoin network (93.1 million).

The values shown in the chart are in millions of transactions with the average daily transactions at around 1.1 million for ETH and 255,000 for BTC.

However, transaction volumes on the Bitcoin network were steadier and more periodic than Ethereum, which experienced much more volatility in transaction volumes. This was due to spikes in demand at certain times such as NFT launches and other gas-guzzling events such as XEN minting.

Ethereum’s heftier transaction volumes have continued into the new year, with the Ethereum transaction count on Jan. 2 reaching 924,614, a 300% increase compared to Bitcoin’s 229,191 on the same day, according to Bitinfocharts.

The analyst who posted the metrics said he was “skeptical about people saying that a flippening could happen someday,” adding that those advocating for it have reason to do so now.

A flippening occurs when one chain surpasses a higher-ranked one for the same metric, in this case, transactions and activity.

The charts also do not include layer 2 transactions which would put Ethereum even further ahead of Bitcoin for this metric. According to L2beat, the number of L2 transactions per second (TPS) actually surpassed those on layer 1 Ethereum in mid-October and has remained above it ever since.

Related: Why the battle for low or no transaction fees really matters

However, while Ethereum may be ahead in transaction and activity terms, Bitcoin remains the most searched cryptocurrency online. 

On Jan. 1, a newsletter from “In Bitcoin We Trust” revealed that BTC attracted the most attention on the  Google search engine in 2022, with 28.4 million monthly Google searches across the world.

The report concurred with Cointelegraph which revealed that Ethereum did not make second or even third place for search popularity. These spots were occupied by meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) respectively.

Ethereum, in fourth place, had 3.8 million global monthly searches according to the data.

Tags
Bitcoin
Ethereum
Transactions
Related Posts
Verifone to enable crypto payments at major retailers through BitPay
Crypto payments are becoming increasingly popular as Bitcoin (BTC) and other digital assets continue to go mainstream. This has become the case for both crypto holders and non-crypto owners who are primarily interested in the concept of using cryptocurrencies for payments. Recent data has found that 93% of crypto users surveyed would consider making purchases in crypto. The report further revealed that 59% of consumers who don’t hold crypto would be interested in using it to make purchases in the future. As such, it shouldn’t come as a surprise that major payment providers like Mastercard have been ramping up their …
Adoption / Sept. 28, 2021
Bitcoin and Ethereum transaction fees sink 95% from all-time highs
The cost of using the Bitcoin and Ethereum blockchains is on the rapid decline, as evidenced by a 93%–95% reduction in average transaction fees over the past couple of months. Fees are paid to the miners who process transactions on a typical proof-of-work blockchain. The size of the fee depends on the size of the transaction in bytes and how many transactions a coin has gone through in the past (as these need to be checked every time a coin is moved). Supply and demand for space also dictate the size of a transaction fee since blockchains have limited capacity. …
Blockchain / June 9, 2021
Bitcoin and Ethereum fees slump to six-month low
The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn. According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks. The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to $30 billion as of this writing, according to CoinGecko. The meteoric 2021 crypto bull run has seen …
Nft / June 1, 2021
Who Scales It Best? Inside Blockchains’ Ongoing Transactions-Per-Second Race
Open-source project Qtum representatives claim that their enterprise blockchain dubbed ‘QtumX’ can accommodate “more than 10,000” transactions per second (TPS), according to a press release recently shared with Cointelegraph. With yet another player being added to the scalability race, it makes sense to look back and see how the main blockchains and cryptocurrencies stand in regard to TPS — and whether their numbers are actually authentic. Transaction speed: How important is it? Scalability is one of cryptocurrencies’ main issues, especially when it comes to the older coins. In fact, one of the first public comments on Bitcoin’s (BTC) white paper …
Technology / Jan. 22, 2019
What are crypto whale trackers and how do they work?
What are the common crypto whale tracking tools? Whale tracking tools like Whale Watchers, Whale Bot Alerts and others can help investors spot whale action and make quick and timely decisions. Whale tracking tools come with different capabilities, some can be just a simple window on top of a blockchain, while others have analytics and charting capabilities across multiple blockchains. Some only cover crypto whale tracking, while others offer NFT whale tracking too. Various analytics tools offer just simple analytics and notifications on whale activities, while others provide users with more comprehensive learning opportunities on charts and analytics. Some just …
Blockchain / Nov. 6, 2022