No more Ordinals NFTs and BRC20 spamming the mempool is the reason. They made the mempool become very congested than it should be and now people have dumped the tokens.

When you are talking about was not the first time bitcoin mempool was congested, it can not be the last time that it will be congested but know that it will later become less congested again if it happens.

Nobody can know when the mempool will become very congested again, but if it happens, the mempool will become less congested later as usual.

Transaction fee are not usually predictable or static but when there are higher transaction in the blockchain and there are no enough miners then you would automatically see the transaction fee are getting higher because there are lesser miners, but when there are lot of miners then you would see that the fee will remain the way it's or a bit lesser (depends). Most times higher demand of transaction could triggered the fee to increase unexpectedly but if we know that there are lot of miners then there is no need to worry about the market because transaction fee would be far way more cheaper.

Yeah I was around then. I think it was rumor that BSV was doing it. I remember paying like 500sats/btye for a transaction. And sometimes if your UTXO was small then there was no point in sending it anyways. Eventually they returned to normal.

A year later same thing happened on ETH due to dex and NFTs. Also I remember paying $50 just to send a single USDT transaction. And it was like this for a whole, a few years until second layers like Arbitrium became popular on ETH.

Layer2 networks have tremendously taken the load off of Bitcoin and Ethereum since the last period where fees were sky high. It's been almost 2 years since then and scalability solutions have only improved across the board. Unless a unique kind of attack spikes fees in a way that can't be mitigated, I'd say it's unlikely that fees will ever become as unbearable as they have been in some periods of the past.

That makes sense. The mempool was definitely more jammed when BRC20 tokens and Ordinals NFTs were everywhere.
Now that the hype has cooled off, things feel a lot smoother. I agree that fewer of those transactions help keep fees low. Hopefully, it stays that way even during the next bull run.

It just shows every hype happening, especially in the Bitcoin chain, is just temporary - now we will just worry about what's next hype will happen that will make the mempool congested.

Majority of everyday monetary Bitcoin transactions has moved to the Lightning Network, where payments are instant and fees are extremely low. On-chain transactions are mainly used for larger transfers, sending BTC to cold storage, or opening and closing Lightning channels. There are also many non-monetary transactions and spam on-chain. As the exchange rate rises against fiat currencies, it attracts more people who want to own Bitcoin, make on-chain transactions, save in Bitcoin, and send BTC to their cold wallets. Every new bull run brings a wave of newcomers, so it’s likely that on-chain transactions will surge again in the bull run expected by the end of the year.

Their participation hit really bad on the network and BSV is benefiting on those situation happened. But to bad for them Ordinals fail and didn't do any much effect on the network now.

What good thing happen to that situation is the miners really earn good profit at that time. I didn't do any transaction when that situation happen and manage to use other altcoins to transact with other people or even on exchangers.

There's still a chance that this situation will happen again its just we don't know on when it will occur again.

Where the peak would be is the question - and we may never know exactly where the train would be halted for a bit.

I would say it would be near 150k or so, but let's look at facts in upcoming months

If the fees stay reasonable, then I think that's totally fine. Right now, the highest in the mempool is around $1, which is already very affordable. But if it goes up to $10, that would be a bit too much especially for those only transacting small amounts. Good thing fees are low at the moment, probably because the network isn't congested and there's no spamming. Hopefully, things remain stable moving forward.

Bitcoin transaction fee was never made to be high buy due to the spamming on the blockchain by those garbage BRC20 token, Ordinals and Runes made us to experience a high transaction fee.

Nobody knows if another shitcoin will be created on bitcoin blockchain in future, and if such is done, we will definitely see a high transaction fee again but if none is created, transaction fees will remain low.