The world's first cryptocurrency Bitcoin (CRYPTO: BTC) is seeing its whales — cryptospeak for large holders — come to life, with mean transaction volume on its blockchain reaching a seven-month high.
What Happened: The seven-day moving average of Bitcoin's mean transaction volume just reached a seven-month high of 25.66 BTC — meaning that the average transaction processed over the last seven days would now be worth well over $923,000, according to Glassnode data.
See Also: How To Earn Free Crypto
The news follows reports that Bitcoin is refusing to realign its price with the stock-to-flow (S2F) model just as it reaches halfway to the next halving that will cut its inflation rate once again — now standing at just 35.6% of the price estimated by S2F. Despite this, adoption continues to grow with Horacio Rodriguez Larreta — the Mayor of Argentina's capital city and chief port Buenos Aires — currently looking to have the city adopt cryptocurrencies such as Bitcoin in the city.
