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Mempool data shows the Bitcoin network facing severe congestion, with more than 550K transactions awaiting confirmation. Further, transaction fees climbed to above 20 sat/Vb (satoshis per virtual byte).

Experts attribute this issue to the latest Bitcoin mining frenzy that has triggered hurdles confirming transactions. Mempool shows that the average block minting time increased to 10.9 minutes, indicating miners’ struggle to satisfy the network’s unmatched demand.

The inflated number of unconfirmed transactions and bunged blocks has triggered worries about the possible effect on the crypto’s price. Many unconfirmed transactions will likely translate to delays, frustrating players while impacting Bitcoin’s usage in daily transfers.

High transaction costs discourage individuals interested in cost-effective ways of transferring value, deterring small transactions. Transaction costs surpassing 20 sat/vB might see traders refraining from transacting until congestion ends or find alternatives.

Nonetheless, it isn’t the first time the leading crypto faces network congestion bottlenecks. In May, exchange Binance (momentarily) suspended BTC withdrawals amid overburdened network and skyrocketed transaction fees.

JUST IN:

Binance suspend BTC withdrawals as the bitcoin network is experiencing a congestion issue

The crypto market exhibits a bearish stance. Bitcoin encounters hurdles in its expected upside past $26K. Meanwhile, network congestion could be behind this challenge. The leading digital asset changed hands at $25,740 at press time.

BTC Price Prediction: Bitcoin Holds $25k, Ready To Launch The Bull Phase?
BTC price sits at a crossroads, where declines below $25k would imply a sell-off, and recovery above $26k could result in a rally past $30k. pic.twitter.com/NAPdflogyN

Bitcoin price hovers at a crossroads. Plunges beneath the $25K handle will trigger substantial declines, whereas a rebound past $26K will see the bellwether crypto soaring above the vital $30K.

As Bitcoin battles high fees and network congestion, market players may resort to altcoins for cheaper and quicker transactions. That might mean momentarily diverting money away from BTC, reducing clogging issues.

The post Bitcoin network faces severe congestion with over 550K unconfirmed transactions appeared first on Invezz.

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