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The Ethereum network has significantly benefited from the merge event, which reciprocated to higher on-chain activity on layer 2 protocols.
The Bitcoin, Ethereum, and meme networks continued to lead the cryptocurrency market in 2022. According to statistical analysis from Google search trends, Bitcoin’s global monthly searches topped 28.4 million whilst Ethereum came in the fourth position with approximately 3.8 million. In between were Dogecoin and Shiba Inu with a total of approximately 5.8 million and 4.4 million respectively. However, ETH outstripped Bitcoin in the number of transactions in blockchain per day.
According to aggregate data from bitinfocharts.com, the number of transactions in a blockchain per day on ETH averaged approximately 1.2 million. On the other hand, the number of transactions in a blockchain per day on the Bitcoin network averaged about 200k in 2022.
In percentage points, there were approximately 338 percent more Ether transactions than Bitcoin in 2022.
The Ethereum network has significantly benefited from the merge event, which reciprocated to higher on-chain activity on layer 2 protocols. Furthermore, Ether’s proof-of-stake (PoS) – introduced through the beacon chain- has significantly opened Ethereum’s overall throughput.
On the social media corridors, Twitter, for instance, Bitcoin outstretched Ethereum in tweets per day. Whereby Bitcoin recorded between 100k and 300k tweets per day whereas Ethereum posted less than 100k tweets per day.
In the United States Google monthly searches, Bitcoin ranked top with approximately 4.57 million while Ethereum recorded 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.
Closer Look at Bitcoin, Ethereum and Entire Crypto Market Outlook
The cryptocurrency market has sustained the ongoing bear market for more than twelve months. Thereby leading to liquidations of over $2.2 trillion in 2022. According to our latest crypto price oracles, Bitcoin price exchanged about $16,713 on Tuesday, with a market capitalization of approximately $321 billion. Ethereum price, on the other hand, traded at about $1,214 on Tuesday, with a market capitalization of approximately $146 billion. As a result, Bitcoin and Ethereum enjoyed a market dominance of approximately 38.3 percent and 17.4 percent respectively.
The cryptocurrency market is struggling to recover from the FTX and Alameda implosion, which has affected millions of users globally. For instance, 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, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?
— Cameron Winklevoss (@cameron) January 2, 2023
While the SBF case is active in United States courts, more attention has been given to the Ripple vs SEC lawsuit. Furthermore, Hinman’s emails, which are likely to be revealed to the public, are expected to have profound implications on most DeFi tokens in the industry.