Overtaking Bitcoin, Ethereum (ETH) has become one of the year’s top-performing cryptocurrencies. Throughout the year, ETH had its ups and downs, but that does not mean that it did not lose value. The value of nearly all crypto tokens has fallen this year, including the second-largest coin in the world.
Last year, the Ethereum network outperformed Bitcoin in terms of total transaction volume, but the king of cryptocurrencies still holds the top spot in terms of online search interest.
Data from Nasdaq and Ycharts that was posted on Reddit on January 2 showed that the Ethereum network had 408.5 million more total transactions than the Bitcoin network in 2022. (93.1 million).
The data in the graph are expressed in terms of millions of transactions, with an average daily volume of 255,000 for BTC and 1.1 million for ETH.
However, compared to Ethereum, whose transaction volumes were significantly more volatile, the Bitcoin network’s transaction volumes were more regular and stable. This was brought on by demand spikes at particular times, such NFT launches and other gas-guzzling events like XEN minting.
According to Bitinfocharts, Ethereum’s higher transaction volumes have continued into the new year, with the total number of transactions on Jan. 2 hitting 924,614, a 300% increase over Bitcoin’s 229,191 transactions that day.
According to the analyst who published the measurements, he was “sceptical about people saying that a flippening could happen someday,” but he added that those who were in favor of it now had good cause to do so.
When one chain outperforms a higher-ranked one for the same metric—in this case, transactions and activity—this is known as a flippening.
Layer 2 transactions, which would put Ethereum even further ahead of Bitcoin for this statistic, are also not included in the figures. L2beat claims that in the middle of October, the volume of L2 transactions per second (TPS) actually topped that of layer 1 Ethereum and has continued to do so ever since.
BTC Still Beats Ethereum In This Aspect
Ethereum may be ahead of Bitcoin in terms of transactions and activity, but Bitcoin is still the most frequently searched cryptocurrency online.
According to a newsletter from “In Bitcoin We Trust” published on January 1, 2022 will see the most Google searches worldwide, with 28.4 million of them being for BTC.
According to local media, which also reported that ETH did not come in second or even third for search popularity, the report was accurate. Shiba Inu and Dogecoin, two meme coins, took up these positions.
According to the data, 3.8 million global monthly searches were made for Ethereum, which came in fourth.