Will Ethereum OverTake Bitcoin Transactions?

  • Ethereum’s total transactions have overtaken Bitcoin by more than quadruple.
  • ETH got more transactions but BTC remains the king.

Ethereum’s total transactions have more than quadrupled that of Bitcoin. However, BTC remained the most popular crypto in 2022. And, despite the fact that ETH has received more transactions, Bitcoin has remained in the same position. BTC remains the undisputed monarch.

According to data from Nasdaq and Ycharts posted on Reddit on Jan 2, there will be 338% more Ethereum transactions in 2022 (408.5 million) than Bitcoin (BTC) transactions (93.1 million). And in terms of statics, ETH has an average daily transaction of roughly 1.1 million versus 255,000 for BTC. Furthermore, the ETH transaction is substantially more unstable. Uncertainty is linked to increased demand from NFT launches and XEN minting. The Bitcoin network’s transaction volumes were more steady and consistent.

According to Bitinfocharts’ analysis, the ETH performed the same count in 2023. As per data from Jan 2, ETH has 920.276K transactions, while BTC has 229.191K transactions. and the statistics show that ETH has a 300% lead.

 ETH & BTC Transaction Volume (Source: Bitinfocharts)

Bitcoin vs Ethereum

The user who posted in the community anticipated that the ETH will switch to number one in the future, while the user who submitted transaction data on Reddit remarked that he was skeptical of people who thought the flipping may happen. However, the transaction data provided indicates that some people have cause to believe it.

Furthermore, layer 2 transactions, which would have put Ethereum ahead of Bitcoin in a number of transactions, were not included in the figures. So according to L2beat, the volume of L2 transactions per second (TPS) surpassed that of layer 1 Ethererum in the middle of October and has remained consistent since then. On Jan 1, data from “In Bitcoin, We Trust” revealed that BTC will have 28.4 million monthly Google searches worldwide in 2022.

A passionate writer who  is keenly exploring crypto and Blockchain loves to know about new things and exploring what is happening in world.