Ethereum transaction volumes soaring, but bitcoin is still more popular

by
Blockchain
Ethereum transaction volumes soaring, but bitcoin is still more popular

Ethereum (ETH) transaction volumes have been on the rise since last year, surpassing that of bitcoin (BTC), according to on-chain data sourced from Nasdaq and Ychart by reddito321.

Thanks to its support for smart contracts, non-fungible tokens (NFTs), and various decentralized finance (DeFi) activities, Ethereum network outperformed Satoshi Nakamoto’s bitcoin (BTC) in terms of transaction volume in 2022.

Per on-chain data posted on Reddit by user reddito321, ETH recorded an average transaction per day of 1,119,292 in 2022, while BTC managed just 255,086 transactions.

ETH recorded 408,541,610 transactions in total. BTC saw just 93,106,378 throughout last year. The researcher has also clarified that BTC transactions followed a “clear periodic pattern” throughout the past year, while ETH had more volatility and randomness.

Ethereum vs bitcoin

It’s no surprise that ETH recorded more transactions than BTC last year, as the Ethereum network is home to thousands of web3 applications, DeFi solutions, and dApps. The network’s transition to proof-of-stake (PoS) last year also served as a catalyst for more adoption.

Though a good number of innovative projects like Rootstock (RSK), DeFiChain and a few others are now building web3 solutions on the bitcoin network, the coin’s primary objective remains to function as a digital store of value and a hedge against hyperinflation. As such, ETH may continue to dominate the DeFi space.

Importantly, in terms of global popularity, bitcoin (BTC) maintained the number-one spot in 2022, attracting over 28 million monthly Google searches across the globe.

At the time of writing, the bitcoin (BTC) price is hovering around $16,743, with a market cap of $322.3 billion, giving BTC a 39.88% crypto market dominance. 

Ethereum transaction volumes soaring, but bitcoin is still more popular - 1
BTC/USD 1-day chart. Source: CoinMarketCap

On the other hand, ETH is exchanging hands for $1,217, with a market cap of $149 billion, according to CoinMarketCap.

Ethereum transaction volumes soaring, but bitcoin is still more popular - 2
BTC/USD 1-day chart. Source: CoinMarketCap
Follow Us on Google News
Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.