Bitcoin (BTC)’s popularity dominance has been unshakable in 2022, but Ethereum (ETH) has outperformed in total transactions
The Ethereum network has benefited significantly from the merge event, which has led to higher on-chain activity on Layer 2 protocols.
The Bitcoin, Ethereum and Meme networks also led the cryptocurrency market in 2022. According to statistical analysis of Google search trends, Bitcoin’s monthly global searches exceeded 28.4 million, while Ethereum ranked fourth with about 3.8 million. In between were Dogecoin and Shiba Inu, totaling around 5.8 million and 4.4 million, respectively. However, ETH has surpassed Bitcoin in terms of the number of transactions in blockchain per day.
According to aggregated data from bitinfocharts.com, the number of transactions on a blockchain per day on ETH averaged about 1.2 million. On the other hand, the number of transactions in a blockchain per day on the Bitcoin network averaged about 200,000 in 2022.
In percentage points, there were about 338 percent more ether transactions than Bitcoin in 2022.
The Ethereum network has benefited significantly from the merge event, which has led to higher on-chain activity on Layer 2 protocols. Additionally, Ether’s Proof-of-Stake (PoS) – introduced by the Beacon chain – has significantly increased Ethereum’s overall throughput.
On the social media corridors, Twitter for example, Bitcoin overtook Ethereum in tweets per day. Bitcoin recorded between 100,000 and 300,000 tweets per day, while Ethereum posted less than 100,000 tweets per day.
For monthly Google searches in the United States, Bitcoin ranked at the top with about 4.57 million, while Ethereum saw about 611,000 monthly searches. Other top ten digital assets ranked by Google Trends in 2022 include Avalanche, Litecoin (LTC), Cardano (ADA), XRP, Safemoon and Nexus.
Take a Closer Look at Bitcoin, Ethereum, and the Overall Crypto Market Outlook
The cryptocurrency market has sustained the ongoing bear market for more than 12 months. This led to over $2.2 trillion in liquidations in 2022. According to our latest crypto price oracles, bitcoin price traded around $16,713 on Tuesday with a market cap of around $321 billion. Ethereum price, on the other hand, was trading around $1,214 on Tuesday with a market cap of around $146 billion. As a result, Bitcoin and Ethereum enjoyed market dominance of about 38.3 percent and 17.4 percent, respectively.
The cryptocurrency market is struggling to recover from the FTX and Alameda implosion that has affected millions of users worldwide. For example, Digital Currency Group – the parent company of Grayscale, Genesis Trading, CoinDesk, TradeBlock, LunoGlobal and FoundryServices – announced significant exposure to the FTX and FTT market.
Will you commit or not to resolve this by January 8 so that the $1.1 billion promissory note is treated as $1.1 billion?
— Cameron Winklevoss (@cameron) January 2, 2023
While the SBF case is active in courts in the United States, the Ripple vs. SEC lawsuit has received more attention. Additionally, Hinman’s emails, which are likely to be released to the public, are expected to have a profound impact on most DeFi tokens in the industry.
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