Bitcoin's price isn't the only thing soaring to colossal levels.
People are currently paying $28 on average to make transactions using the digital currency, according to data by BitInfoCharts.
Users of cryptocurrency exchanges like Coinbase incur such transaction fees when transferring money to an external bitcoin address. Bitcoin addresses are like virtual bank account numbers where users can store their bitcoin tokens.
Last week, a journalist said on Twitter that he paid $15 to send $100 worth of bitcoin from a digital wallet to a hardware wallet.
And earlier this month, another person claimed on Twitter that he had to pay a $16 fee to send $25 worth of bitcoin from one bitcoin address to another.
Bitcoin transaction fees are proving to be profitable for so-called bitcoin "miners". Miners work out complex cryptographic puzzles to add transactions to the blockchain, a decentralized record of all bitcoin transactions. They are paid in bitcoin in return for their services. On Monday, the total value of all transaction fees paid to miners hit an astronomical sum above $11 million on that one day, according to Blockchain.com data.