Ethereum trading volume is on the rise, but bitcoin is still more popular

Ethereum (ETH) Transaction volume has been rising since last year, surpassing bitcoin (B T c), according to on-chain data obtained by reddito321 from Nasdaq and Ychart.

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

per on-chain Information Posted on Reddit by user reddito321, ETH recorded an average of 1,119,292 transactions per day in 2022, while BTC only managed 255,086 transactions.

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

ethereum vs bitcoin

It should come as 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. network infection Proof-of-Stake (PoS) Last year also served as a catalyst for greater adoption.

Although a good number of innovative projects such as Rootstock (RSK), DeFiChain And some others are now building Web3 solutions on the bitcoin network, with the primary purpose of the coin being to act as a digital store of value and to hedge against. unbridled, Thus, ETH could dominate the DeFi space.

Importantly, in terms of global popularity, bitcoin (BTC) retained the number-one position in 2022, attracting over 28 million Monthly Google searches worldwide.

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

Ethereum transaction volume is on the rise, but bitcoin is still more popular
BTC/USD 1-day chart. Source: Coinmarketcap

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

Ethereum transaction volume is on the rise, but bitcoin is still more popular
BTC/USD 1-day chart. Source: Coinmarketcap


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