So over the past 48 hours as we all know bitcoin price soared to new heights and is now going through a price correction. The network fess though for sending have also shot up, it no longer makes sense for sending small amounts which is a kicker as my online business takes btc as form of payment :/ What does everyone think, will the fees go down over time and if u had to hazard a guess how long? I'm hoping it settles over the next few days.
They will go down eventually. This is not the first time we've seen such a massive backlog (216k uncofirmed tx, at the moment of this post).
We reached almost 230k almost a month ago when the network was completely saturated with low-fee tx (this is not what is happening right now). Back then it took around 3-4 days for the mempool to be clear and 20satoshi or less became the average fee.
By the looks of it, I think we'll have to wait until next week, I doubt we'll get back to normal over the weekend but who knows.