The Ethereum network surpassed Bitcoin in terms of total transaction volume last year, though the king of cryptocurrencies has managed to retain his crown when it comes to searches. Online.
According to Nasdaq and Ycharts data shared on Reddit on January 2, there were 338% more transactions of Ether (ETH) in 2022 (408.5 million) than Bitcoin (BTC) (93.1 million).
The values shown in the graph are in the millions of transactions, with a daily average of about 1.1 million for ETH and 255,000 for BTC.
However, transaction volumes on the Bitcoin network have been much more stable and cyclical than those on Ethereum, which has seen much greater volatility in transaction volumes. This was due to a sudden spike in demand at certain times like the popular NFT launch and other gas guzzling events like the XEN coin minting.
Ethereum continues to outperform the new year, as the number of network transactions on January 2 reached 924,614, up 300% compared to 229,191 Bitcoin on the same day, according to Bitinfocharts.
The analyst who released the metrics said he was “skeptical of people saying that flipping It could happen one day,” he said, adding that those who advocate for this have reason to do so now.
the flipping It occurs when a network outperforms a network with a higher rating on the same scale. In this case, in Transactions and Activities.
The charts also do not include Layer 2 (L2) transactions, which would put Ethereum ahead of Bitcoin when it comes to this particular metric. According to L2beat, the number of L2 transactions per second actually exceeded those on the Ethereum mainnet in mid-October and has remained higher since then.
However, while Ethereum may be ahead in terms of transactions and activity, Bitcoin remains the most searched cryptocurrency. Online.
On January 1, a newsletter from “In Bitcoin We Trust” revealed that BTC was the cryptocurrency with the most attention on Google search engine in 2022, with 28.4 million monthly searches on Google worldwide.
The report corroborates information from Cointelegraph, which reported on December 23 that Ethereum is neither second nor third most popular in the survey. These positions are occupied by Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins, respectively.
Ethereum ranks fourth, with 3.8 million global searches per month, according to the data.