By George Ward
A crypto analytic firm revealed that the Ethereum network enjoyed four times the transactions of Bitcoin as its transactions toppled by 338% in 2022. According to the survey, Bitcoin recorded about 93,106,379 transactions, while Ethereum executed approximately 408,541,609 transactions in the last 52 weeks.
Ethereum Market Statistically Outperforms Bitcoin Market
Crypto market experts believe that the Ethereum network will flip the BTC market soon as more DeFi Protocols emerge on the Ethereum platform. Averagely, Ethereum has about 1,119,293 transactions per day. By comparison, BTC’s average daily transaction is pegged at 255,086 per multiple on-chain data.
However, the BTC market continues to wax stronger in the battle for relevance in the crypto industry, as it topped Google’s search record in the last 52 years. With about 28.4 million monthly searches worldwide, Google trends statistics revealed that Bitcoin is the most sought-after crypto asset.
Ethereum, on the other hand, had about 3.84 million searches putting it in the 4th position. Surprisingly, Dogecoin occupies the second place with about 5.8 million searches, while Shiba Inu token took the third position, recording approximately 4.4 million average monthly searches worldwide.
However, some crypto analysts believe that the theory of Ethereum flipping the BTC market might not materialize. Citing the Central African Republic and El Salvador as samples, they reasoned that countries consider BTC a reliable token that can be used as a legal tender than other tokens, including Ethereum.
Experts Believe Ethereum Market Might Flip Bitcoin Market
Notwithstanding, the real-world use cases of Ethereum through its dApps and smart contracts still surpass that of the Bitcoin network. In addition, the transition from the Proof-of-Work (PoW) consensus model to the proof-of-stake (PoS) consensus model via the Merge has significantly improved the Ethereum network.
Furthermore, an on-chain analysis revealed that the transactions recorded per second on the Layer-2 protocol greatly exceeded that of Layer-1 protocols on the Ethereum platform from October to date.