Well, I did look on the possible reasons, and based on this
website:
4. The Bull Run Effect:
During Bitcoin bull runs, when prices rise rapidly, and there's heightened interest in Bitcoin, it's common to see higher transaction fees. For instance, in 2021, there was a significant increase in Bitcoin transaction fees within a short period. From March 26, 2021, to April 21, 2021, the average fee rose from around $13.57 per transaction to over $62. This was a massive 362% increase in just under a month!
There are some reasons as to why, but it seems like the upcoming bull run has an effect as to why we are seeing an increased transaction fees out of nowhere. I mean Ordinals hasn't been the reason of this surge in fees. I guess the best thing that we can do right now is to make a transaction during weekends. History shows that the average transaction fees is lower during weekends. Of course, this isn't the case all the time and there are times that the fee is still high even in the weekends. Using a coin that has a lower transaction fee might be another option as well.
Can massive sell off be thr reason behind the transaction fee spike?
I don't think so.
I believe that the current happening between Iran and Israel is the reason why we are seeing the market going down. It's also possible that the upcoming halving event and the bull run are the reason why we are seeing a price correction. Anyway, this is a healthy correction and investors are given another opportunity to buy Bitcoin.
