Does anyone know why this is the case? Surely it would drop right since the fees are outrageous and would move other people to buy other coins?
Bitcoin's price isn't dropping because everyone is just holding bitcoin. And as the price of bitcoin is increasing because of it's demand is high too. There are too many transactions that are coming in bitcoin and that results to congestion and most of us that are holding bitcoin we don't want to spend $30 fee for a $15 worth of bitcoins that needed to be sent. Some are converting bitcoins into altcoins to avoid crazy fees.