The Ethereum network (quotation ETH) recorded in 2022 a total of transactions four times higher than that of the Bitcoin market. According to an on-chain study, the total transactions in the Ethereum network were approximately 408.541.610 in 2022, while Bitcoin recorded approximately 93.106.378.
With more DeFi protocols, including those of NFTs, the Ethereum network threatens to turn the Bitcoin market upside down in the future. Furthermore, the average daily transactions were 1.119.292 for ETH and 255.086 for BTC in 2022.
Nonetheless, the Bitcoin market continues to face stiff competition, as evidenced by monthly Google searches around the world. According to data from Google Trends, Bitcoin tops global monthly searches with around 28,4 million. Ethereum (ETH) placed fourth with approximately 3,84 million searches worldwide.
Interestingly, Dogecoin and Shiba Inu occupied the second and third positions with around 5,8 million and 4,4 million global monthly searches respectively.
The Bitcoin market could remain theoretical, given that the latter has already been adopted by two countries, El Salvador and the Central African Republic, as legal tender. However, the Ethereum network has gained more real-world utility thanks to smart contracts and decentralized applications.
In particular, the Ethereum ecosystem has been greatly strengthened by proof-of-stake (PoS), introduced through the merge event on the Beacon chain. Interestingly, an on-chain study indicates that the number of level 2 (L2) transactions per second surpassed level 1 on the Ethereum network in mid-October and has remained above it ever since.
Will Ethereum (ETH) Reach the Moon Soon?
The Ethereum market has maintained high volatility over the past 52 weeks, fluctuating between $896,11 and $3.876,79. Notably, the digital asset is trading around $1.217 today, down about 75% from its all-time high of $4.891. The ETH ecosystem has a market cap of approximately $148,9 billion, with a total value locked (TVL) of approximately $23,08 billion, according to data from defillama.
The cryptocurrency market has yet to recover from the implosion of FTX and FTT, which affected companies such as Digital Currency Group, Gemini and millions of individual traders. As a result, regulators around the world were outraged by the billion-dollar losses fueled by the fallout from Terra Luna and FTX.
As a result, some market strategists predict a worsening bear market in 2023. For example, longtime Bitcoin critic Peter Schiff is convinced that the price of Bitcoin will fall below $5.000 in 2023.
If #crypto investors think 2022 was a bad year, they wait to see 2023. Despite plunging 65% this year, believers remain optimistic that #Bitcoin will hit new highs soon. I wonder if a 2023 Bitcoin crash below $5K will be enough to shake #HODLer confidence.
— Peter Schiff (@PeterSchiff) December 30, 2022
Nonetheless, the cryptocurrency market has managed to shrug off bear markets in the past and post gains in excess of 10x. As a result, $10k ETH is highly plausible in the coming years.