Top 5 Cryptocurrencies by Fees Collected in October 2022

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The current downtrend undoubtedly affects the balance of power: investors transfer capital to less volatile altcoins. However, BTC still dominates the market by over a third (38.3%). In second place is ETH (16.5%).

In October, the Ethereum network processes 1.21 million transactions per day. For each trade, users pay an average of 0.00065 ETH ($0.894). The fee can be increased to prioritize transaction processing. Therefore, the daily fees in Ethereum are $2.56 million. This money goes to support validators and serves as a tool to protect the network from hacker attacks.

In total, Ethereum (ETH) users paid $10.5 million in fees in the first week of October.
The second largest network fee was the Binance Smart Chain blockchain (BNB coin). The total amount of commissions in the system for 7 days amounted to $2.72 million. The daily amount of fees is estimated at $575.02 thousand.

However, in terms of the number of transactions carried out, BSC surpasses Ethereum. Validators process 3.38 million BNB transactions per day. With low fees ($0.03) and high throughput (40 TPS), Binance Smart Chain is one of the most used blockchains in early October.

In third place in terms of fees collected in October is the Bitcoin (BTC) blockchain. In October, miners conduct 266.84 thousand transactions per day. The average transaction fee is 0.000035 BTC ($0.694). In 24 hours, the network accumulates $209.26 thousand. For the first week of October, the total amount of commissions amounted to $1.16 million.

The top 5 cryptocurrency networks with the largest volumes of commissions received also included:

Dogecoin (DOGE) — $6.47 thousand
Litecoin (LTC) — $4.65 thousand

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