According to recent data, Ethereum pushed out 4 times as many transactions on the Ethereum (ETH) network as Bitcoin did on-chain in 2022. From the data by Nasdaq and YCharts, ETH registered a total of 408.5 million transactions, while BTC witnessed 93.1 million.
The average daily transaction on Ethereum was 1.1 million, whereas, for Bitcoin, it was 255,000. However, ETH transaction volumes were significantly more volatile. The volatility is attributed to demand caused by NFT launches and XEN minting. The Bitcoin network’s transaction volumes were more regular and stable.
Ethereum’s bigger transaction counts have carried on to 2023 as well. According to the data on Bitinfocharts, on January 2nd, ETH had 920.3k transactions, while BTC had 229.2K. The data indicates a 300% lead for ETH.
Will Ethereum flip Bitcoin soon?
Some people in the community have predicted that ETH will eclipse BTC as the number one crypto in the future. The event is dubbed the “flippening.” The user who posted the transaction data on Reddit said he was “skeptical” about people who said the flippening could happen. However, given the transaction data of 2022, those same people have reasons to believe it could happen.
Layer 2 transactions, which would put Ethereum further ahead of Bitcoin in terms of transactions, were also not included in the figures. L2beat claims that in the middle of October, the volume of L2 transactions per second (TPS) topped that of layer 1 Ethereum and has continued to do so since that period.
However, Bitcoin remains the most known and searched cryptocurrency. According to the “In Bitcoin We Trust” newsletter, there were 28.4 million Google searches for Bitcoin in 2022.