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
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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."
