On May 7, 2023, the Bitcoin network was plagued by 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has now been eliminated, and the on-chain fees have been greatly reduced, currently falling below $5.
As of now, there are just over 300,000 unconfirmed transactions waiting to be confirmed, and 185 blocks need to be mined to clear the pending transactions.
Just a few days ago, on May 8, the average transaction fee spiked to $31 per transfer. Yet as of today, the high priority deal is only $3.