Although, Ordinals and Inscription have been the reasons the mempool is congested up to this, but bitcoin mempool has been congested like this in the past when there was nothing like Ordinals.
Yep, that's correct. Ordinal has indeed been the cause of the recent transaction backlog. Transaction fees even reached 150+ sats/vbyte at one point. At least, yesterday, there was a backlog of over 200k transactions pending, and I chose to hold off and wait for the difficulty adjustment on November 13, 2023.
i believe that when the difficulty increases, transaction fees are likely to decrease. I've analyzed this mechanism in a previous post:
https://bitcointalk.org/index.php?topic=5332291.msg63134767#msg63134767However, until November 13, fees will gradually become more reasonable. Currently, the transaction fee for high-priority is 51 sats/vB. Maybe it'll go down even further tomorrow, and I can start transacting Bitcoin with lower fees as usual. Just waiting for the network overload to clear, that's not bad for me.