I have noticed that the transaction fee has gone up tremendously during the last two weeks. I am using Blockchain.com wallet, and until two weeks back I was paying somewhere between 1-3 Satoshi per byte for my transactions. But now the default fee in Blockchain.com has increased by more than 10 times, to around 40 Satoshis per byte. And I checked bitcoinfees.earn.com as well, and according to it, the fee needed for instant confirmation is around 220 Satoshi/byte.
I am not saying that at current levels this fee is unaffordable. But what if there is another 10x increase in the transaction fee? Are you willing to pay 2,000 Sat/byte for instant confirmations?
Nah, I rather wait than to pay for instant confirmations but it also depends on the current situation I am facing. Obviously, if emergency rises for me to withdraw or convert my bitcoins, I would not hesitate to seek for instant confirmations. Other than that reason, I would not. Transaction fees would increase as long as the price of bitcoin increases since this is only the few ways miners get compensated (along with mining but it is hardly profitable nowadays).
I also think the price caused the fees growing 10x or more because when people see that price grow either some of them start sell and sending bitcoins either they start buy and a lot of transaction are done on network.
There exist a correlation between the prices of bitcoin and transaction fees as they are directly proportional in its price. Whenever prices increase, transaction fees also increases.