What is happening?
will it change after adjustment since the transaction cost is being affected by the crazy price rise
What is happening, is a start of collapse of this scheme. Miners get paid exponentially less with every halvening. So they need to put expensive price of mining into fees.
What will happen soon: transaction costs grow even more and when it will become unreasonable even to speculate with BTC, whales will leave BTC. Price will collapse into next to nothing. I give it maximum 1 year.