While the price of Bitcoin continues to meet resistance that exceeds $ 12,000, its hash rate has hit a whole new level.
Data from Blockchain.com confirm that on August 15, Bitcoin’s seven-day average hash rate reached a new peak of 129,075 TH / s. The performance comes after two weeks of fairly stagnant hash rate growth, with the previous record set on July 28th.
Bitcoin 7-day average hash rate. Source: Blockchain
The hash rate is an estimate of how many computing power miners have to process Bitcoin (BTC) transactions. A higher average suggests that miners have more confidence in profitability, so there is generally a strong correlation between hashrate and price.
Bitcoin twice exceeded $ 12,000 in August before returning to the same mid- $ 11,000 range. The BTC price continues to meet resistance at the $ 12,000 level, remaining between the $ 11,700- $ 11,900 range over the weekend.
Correlation with Gold and Bitcoin
Bitcoin and gold may have a stronger correlation in 2020, as many investors deviate from traditional finances during the reaction of the Federal Reserve and other central banks to the pandemic.
The price of gold recently went up $ 2,000 per ounce, as Bitcoin may be in the early stages of its own bull run. Bitcoin investor Max Keizer said billionaire Warren Buffett’s recent investment in gold could even push the price of BTC to $ 50,000.
