Onchain fees have soared to their highest level since block height 840,000 and continue to stay elevated. At approximately 9 p.m. ET on Friday, a high-priority fee on the Bitcoin network escalated past the $240 per transfer mark. Currently, fees are hovering around 590 satoshis per virtual byte (sat/vB), which equates to approximately $52 per transfer. The significant increase in fees has generated a considerable amount of discussion within the cryptocurrency community over the past 12 hours.
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