The Ethereum network eclipsed bitcoin in terms of total transaction volume last year.although the king of cryptocurrencies has managed to retain its crown when it comes to online search interest.
According to data from Nasdaq and Ycharts shared on Reddit on January 2, there were 338% more Ether (ETH) transactions in 2022 (408.5 million) than bitcoin (BTC) (93.1 million).
The values shown in the graph are expressed in millions of transactions; there were an average of daily transactions around 1.1 million for ETH and 255,000 for BTC.
However, transaction volumes on the Bitcoin network were more stable and periodic than on Ethereum, which experienced much more volatility in transaction volumes. This was due to demand peaks at certain timessuch as NFT launches and other gas-guzzling events such as XEN minting.
Higher Ethereum transaction volumes have continued into the new year; Ethereum’s transaction count on Jan. 2 reached 924,614, an increase of 300% compared to Bitcoin’s 229,191 on the same day, according to Bitinfocharts.
The analyst who published the metrics said he was “skeptical of people saying that a flippening could one day happen,” but added that those who advocate it have reason to do so now..
A flippening occurs when one chain outperforms a higher-ranked chain on 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 on this metric.. According to L2beat, the number of L2 transactions per second surpassed those of Ethereum layer 1 in mid-October and has remained above that ever since.
However, even though ethereum is ahead in terms of transactions and activity, bitcoin is still the most searched cryptocurrency on the internet.
On January 1, a newsletter from “In Bitcoin We Trust” revealed that BTC garnered the most attention on Google search engine in 2022, with 28.4 million monthly Google searches worldwide..
The report matched Cointelegraph, which reported on Dec. 23 that Ethereum was not ranked second or third in search popularity. These positions were filled by the Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins respectively..
Ethereum, in fourth place, had 3.8 million monthly global searches, according to the data.
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