Ethereum overtakes Bitcoin in terms of transactions in 2022
The Ethereum blockchain network saw significant growth in terms of on-chain-network activities but still failed to achieve popularity over Bitcoin.
Ethereum is the second biggest crypto asset in terms of 24 hours global trade volume of its native coin ETH. But this blockchain is different from the Bitcoin blockchain in terms of use case. Bitcoin is known as a hedge against inflation on the other hand Ethereum is known to bring the use of blockchain networks in the practical-level digital protocol. Today is Bitcoin birthday and now the current age of Bitcoin is 14 years.
On 2 Jan 2023, Nasdaq and Ycharts published research data on Bitcoin vs Ethereum transactions. The research noted that people used Ethereum network transactions 338% (408.5 million) more than Bitcoin network to process their transactions (93.1 million).
Chart noted that Ethereum transaction volume saw significant ups & downs because of the demand for NFTs transactions, as many NFTs collectibles were minted by many projects.
Ethereum transaction count last day was 924,614, while the same data for Bitcoin was 229,191. It means Ethereum overtakes Bitcoin by 300%, in terms of transaction count.
Here Bitcoin is lagging behind Ethereum in terms of transactions as well as activity. But here we should not forget that Ethereum grabbed significant activities because of the support of the other Crypto networks, Ethereum layer-2 scaling network.
Two days ago, a newsletter from “In Bitcoin, We Trust” noted that Bitcoin ranked the top crypto asset in the world in terms of popularity. The report noted that people searched about Bitcoin on Google search engines more than Ethereum. Averagely, people searched Bitcoin 28.4 million per month in 2022.
Read also: Bahamas securities agency responds to new FTX CEO controversial statement
