Bulletpoints:
• Ethereum network transactions increased by 338% in 2022 compared to Bitcoin
• Ethereum is gaining more utility with smart contracts and decentralized applications
• Bitcoin still remains the top monthly search with 28.4 million searches compared to Ethereum at 3.84 million.
The Ethereum network has seen exponential growth in recent years, with total transactions increasing by 338% in 2022 compared to the Bitcoin market. This is due to the real-world utility of smart contracts and decentralized applications that the Ethereum network provides. Furthermore, the average transactions per day were 1,119,292 for ETH and 255,086 for BTC in 2022. This is a testament to the growth of the Ethereum network and its potential to one day „flip“ the Bitcoin market.
Despite this, the Bitcoin market still remains the top monthly search with 28.4 million searches worldwide compared to Ethereum’s 3.84 million. This is in part due to the fact that Bitcoin has already been adopted by two countries, El Salvador and the Central African Republic, as legal tender. Additionally, the Ethereum ecosystem has also been bolstered by the proof-of-stake (PoS), which was implemented in 2020 and has since seen a dramatic increase in user adoption.
In conclusion, the Ethereum network is gaining more real-world utility and is on the rise in terms of transactions and user adoption. However, Bitcoin still remains the top choice for many users, due to its already established legal tender status and its high volume of searches worldwide. It will be interesting to see how the Ethereum network continues to develop and whether it can one day flip the Bitcoin market.