Ethereum Transaction Volumes Outperformed Bitcoin by 338%

The Nasdaq and Ycharts data revealed that Ethereum (ETH) transaction volume outperformed Bitcoin (BTC) transactions by more than four times.

According to the data retrieved from Nasdaq and Ycharts shared by Reddit user reddito321, on January 2nd, there were approximately 338% more Ether transactions (around 409 million) than Bitcoin (93 million).

The chart shared on Reddit illustrates millions of transactions made from January 1st, 2022, until December 31st, 2022. On average, there were approximately 1.1 million ETH transactions per day, with Bitcoin recording 255,000 transactions daily.

However, Bitcoin network transaction volumes were steadier and more persistent than the ones of Ethereum. During 2022, the Ethereum network experienced significant volatility in transaction volumes, with several jumps recorded in August and December.

It can be assumed that the spikes in Ethereum’s transaction volumes grew as a response to various events, such as NFT launches, XEN minting or Ethereum Merge, which occurred at the beginning of September.

It is worth noting that tendencies observed in 2022 appear to not change in 2023. Based on the data shared by Bitinfocharts, on January 2nd, there were 924,614 transactions on the Ethereum network. The Bitcoin network recorded four times fewer transactions, around 229,191.

The Reddit user reddito321 claimed that they were sceptical about the possibility of flippening but now believe that people advocating for this matter may have a reason behind it.

I was skeptical about people saying that a flippening could happen some day, but now I see that people advocating for it do have some basis to say so.

Flippening is a situation when one chain surpasses another higher-ranked chain in particular metrics, like activity, transactions or total market capitalization.

by Gile K. – Crypto Analyst, BitDegree