The Bitcoin network is facing significant congestion, with over 560,000 unconfirmed transactions and memory usage skyrocketing to 1GB. Transaction fees have peaked at over 20 satoshis per virtual byte, and analysts attribute this bottleneck to the recent sats minting frenzy.
The increase in unconfirmed transactions and clogged blocks has raised concerns about the potential impact on Bitcoin's price, as users experience significant delays in processing their transactions. As a result, some users may turn to altcoins that offer faster and cheaper transactions, diverting capital away from Bitcoin temporarily.
