Ethereum's transactions surpass Bitcoin's 4 times more

Published on

January 3, 2023

Key points:

Ethereum will execute four times as many transactions as Bitcoin by 2022.
ETH recorded a total of 408.5 million transactions, while BTC recorded 93.1 million transactions.
However, ETH trading volumes are much more volatile. The volatility is attributed to the demand caused by NFT issuance and XEN minting.
Layer 2 transactions are also not included in the figures, which would put Ethereum further ahead of Bitcoin in terms of transactions.
L2 transactions per second (TPS) surpassed those of Layer 1 Ethereum, and have remained so since that period.

According to recent data, Ethereum will execute four times as many transactions on the Ethereum (ETH) network as on-chain Bitcoin by 2022. Looking at Nasdaq and YCharts data, ETH recorded a total of 408.5 million transactions, while BTC recorded 93.1 million transactions.

Ethereum’s average daily transaction volume is 1.1 million, compared to Bitcoin’s 255,000. However, ETH trading volumes are much more volatile. The volatility is attributed to the demand caused by NFT issuance and XEN minting. Bitcoin network transaction volume is more regular and stable.

The larger transaction volume of Ethereum will also continue until 2023. According to data on Bitinfocharts, as of January 2, ETH had 920,300 transactions, while BTC had 229,200 transactions. The data shows that ETH leads by 300%.

Will Ethereum Flip Bitcoin Soon?

Some people in the community predict that ETH will surpass BTC and become the largest cryptocurrency in the future. This event is called a "rollover". The user who posted details of the transaction on Reddit said he was "skeptical" of people's claims that the flip could happen. However, given the transaction figures for 2022, these folks have reason to believe this could happen.

Layer 2 transactions are also not included in the figures, which would put Ethereum further ahead of Bitcoin in terms of transactions. L2beat claims that in mid-October, L2 transactions per second (TPS) surpassed those of Layer 1 Ethereum, and have remained so since that period.

However, Bitcoin remains the most famous and popular cryptocurrency. According to the In Bitcoin We Trust newsletter, there will be 28.4 million Google searches for Bitcoin in 2022.