Jan 3, 2023 at 07:20The Ethereum network surpassed Bitcoin in terms of total transactions last year.
However, when it comes to online search interest, Bitcoin continues to be the most popular cryptocurrency in 2022, despite having less than half the transactions that the Ethereum network did.
According to data from Nasdaq and Ycharts shared on Reddit in January 2023, there were 338% more Ether transactions in 2022 (408.5 million) compared to Bitcoin (93.1million).
The values shown in the chart are in millions of transactions, with the average daily transactions amounting to around 1.1 million for ETH and 255,000 for BTC.
While transactions on the Bitcoin network were steadier and more frequent than on the Ethereum network, Bitcoin experienced more volatility in its transaction volumes. This was due to spikes in demand around certain events, such as the launch of NFTs and other gas-hungry procedures, such as XEN minting.
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Ethereum transaction volumes have continued into the new year, with the Ethereum transaction count on Jan. 2 reaching 924,614. This is a 300% increase compared to Bitcoin’s 229,191 on the same day, according to Bitinfocharts.
According to the analyst who published the measurements on Reddit, he was “skeptical about the above figures, stating 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 not included in the charts either. L2beat claims that in the middle of October, the number of L2 transactions per second actually topped that of layer 1 Ethereum and has continued to do so ever since.
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, Bitcoin will see up to 28.4 million Google searches worldwide.
To put this in perspective, Bitcoin was among the top 20 most Googled words in 2022.
The report concurred with Cointelegraph, which also stated in December 2022 that Ethereum did not make second or even third place for search popularity. These spots were occupied by meme coins Shiba Inu and Dogecoin, respectively. Ethereum, in fourth place, had 3.8 million global monthly searches, according to the data.
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