Forbes India 30 Under 30 2023

While Bitcoin remains the most popular, Ethereum recorded 338 percent more transactions in 2022

Transaction volumes on the Bitcoin network were more consistent and regular compared to those on the Ethereum network, which saw more fluctuations

Shashank Bhardwaj
Published: Jan 3, 2023 02:26:11 PM IST
Updated: Jan 3, 2023 02:56:03 PM IST

While Bitcoin remains the most popular, Ethereum recorded 338 percent more transactions in 2022Image: Shutterstock

According to data from Nasdaq and Ycharts, the Ethereum network had a higher total transaction volume compared to Bitcoin in 2022. Specifically, there were 338 percent more transactions on the Ethereum network (408.5 million) than on the Bitcoin network (93.1 million). 

The average daily number of transactions on Ethereum was around 1.1 million, while the average daily number of transactions on Bitcoin was 255,000. Despite this, Bitcoin has remained more popular in terms of online search interest.

Transaction volumes on the Bitcoin network were more consistent and regular compared to those on the Ethereum network, which saw more fluctuations. This was attributed to times of increased demand, such as during the launch of non-fungible tokens (NFTs) and other activities that required a lot of gas (a measure of the amount of computing power needed to perform a certain action on the Ethereum network), such as the minting of XEN.

Ethereum has continued to have higher transaction volumes in 2023, with the number of transactions on the Ethereum network on January 2 reaching 924,614, which is a 300 percent increase compared to the Bitcoin network on the same day (229,191).

The person who shared the data on Reddit expressed scepticism about the idea that the Ethereum network could surpass the Bitcoin network in terms of transaction volume and activity, a phenomenon known as a "flippening." 

However, they noted that those who advocate for a flippening now have more reason to do so, given the current transaction volumes. A flippening occurs when one blockchain surpasses another in a particular metric, such as transaction volume or activity.

Although Ethereum may currently have higher transaction and activity levels, Bitcoin remains the most searched crypto online. On January 1, data from "In Bitcoin We Trust" showed that Bitcoin had the highest number of monthly Google searches globally in 2022, with 28.4 million searches. 

Ethereum did not even come in second or third place in terms of search popularity. These spots were occupied by memecoins Shiba Inu and Dogecoin, respectively. According to the data, Ethereum was in fourth place with 3.8 million global monthly searches.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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