Despite lowered rate of transaction, Bitcoin maintains its popularity – NewsTo
Despite lowered rate of transaction, Bitcoin maintains its popularity

Despite lowered rate of transaction, Bitcoin maintains its popularity

Despite lowered rate of transaction, Bitcoin maintains its popularity

The Ethereum network converted Bitcoin in the context of total transaction volume last year. However, the largest cryptocurrency has managed to live up to its reputation regarding online search interest.

Recent data from Nasdaq, an American stock exchange, and YCharts, an investment research platform, shared on a social news website on Tuesday represent figures for the two largest cryptocurrencies by market capitalization. As per data, there were 338% more Ethereum transactions (408.5 million) in 2022 than Bitcoin ones (93.1 million). The average daily transactions for the assets have been estimated at around 1.1 million for Ethereum and 255,000 for Bitcoin.

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However, transaction volumes on the Bitcoin network were steadier and more periodic than Ethereum, which experienced much more volatility in transaction volumes. This was due to spikes in demand at certain times, such as non-fungible token (NFT) launches and other gas-guzzling events, such as XEN minting.

Ethereum’s heavier transaction volumes have continued into the new year, with the Ethereum transaction count reaching 924,614 on Tuesday. The values and trends for both the assets can also be seen in the graph from Bitinfocharts, a Bitcoin insights website.

As per the source, the reported figures of Ethereum mark a 300% increase compared to Bitcoin’s 229,191 on the same day.

The analyst who worked on the metrics revealed his skeptics about possible popular opinions on the subject. He said he was “skeptical about people saying that a flippening could happen someday,” adding that those advocating for it have reason to do so now.

Elaborating on the subject, the analyst said that a flippening occurs when one chain surpasses a higher-ranked one for the same metric. In this case, they are transactions and activities.

The charts also do not include layer two transactions, which would put Ethereum even further ahead of Bitcoin for this metric. According to L2beat, the number of L2 transactions per second surpasses those on layer 1 Ethereum in mid-October and has remained above it since then.

However, while Ethereum might be ahead in terms of transaction and activity, Bitcoin remains the most-searched cryptocurrency online.

On Sunday, a newsletter from “In Bitcoin, We Trust” revealed that Bitcoin attracted the most attention on the Google search engine in 2022, with 28.4 million Google searches worldwide.

The report concluded that Ethereum did not reach second or third place in search popularity. Instead, these places were bagged by meme coins Shiba Inu and Dogecoin, respectively, while Ethereum, in fourth place, had 3.8 million global monthly searches.

Interestingly, there has been strife between Bitcoin and Ethereum regarding popularity. In April, Todayq News reported that the search trend results in 14 out of 15 nations included in the study showed that Ethereum searches had outperformed Bitcoin searches.

3 thoughts on “Despite lowered rate of transaction, Bitcoin maintains its popularity

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