The Ethereum network eclipsed Bitcoin in terms of total transaction volume last year, though the king of cryptocurrencies has managed to retain its crown when it comes to online search interest.
According to Nasdaq and Ycharts data shared on Reddit on January 2, Ethereum had 338% more total transaction volume in 2022 (408.5 million) than the Bitcoin network (93.1 million).
The values displayed on the chart are in millions of transactions with average daily transactions around 1.1 million for ETH and 255,000 for BTC.
However, transaction Volumes on the Bitcoin network were more stable and periodic than Ethereum, which experienced much more volatility in transaction volumes. This was due to spikes in demand at certain times, such as NFT Releases and other gas guzzling events like XEN minting.
Ethereum’s higher transaction volumes have continued into the new year, with Ethereum’s transaction count on January 2 reaching 924,614, an increase of 300% compared to Bitcoin’s 229,191 on the same day, according to bitinfocharts.
The analyst who published the metrics said he was “skeptical of people who say radical change could one day happen,” adding that his defenders have reason to do so now.
A flippening occurs when a chain outperforms a higher-ranking one for the same metric, in this case, transactions and activity.
The charts also do not include layer 2 transactions, which would put Ethereum even further ahead of Bitcoin for this metric. According to l2beatthe number of L2 transactions per second (TPS) actually surpassed that of Ethereum layer 1 in mid-October and has remained above that ever since.
However, while Ethereum may be in the lead in terms of transactions and activity, Bitcoin is still the most searched cryptocurrency online.
On January 1, a Newsletter from “In Bitcoin We Trust” revealed that BTC garnered the most attention on Google search engine in 2022, with 28.4 million monthly Google searches worldwide.
The report agreed with Cointelegraph that revealed that Ethereum did not rank second or even third in search popularity. These places were occupied by Shiba Inu meme coins (shib) and Dogecoin (DOGE) respectively.
Ethereum, in fourth place, had 3.8 million global monthly searches according to the data.