As the price of the leading cryptocurrency Bitcoin [BTC] continues to satisfy resistance surpassing $12k bench mark, its hash rate has hit a new all-time high.
Recent data provided from Blockchain.com confirms that on 15th Aug., Bitcoin’s 7-day average hash rate reached a new height of 129.075 TH/s. The achievement comes after 2 weeks of fairly stagnant hash rate growth, with the previous record set on 28th July.
The hash rate is an estimate of what proportion computing power miners are devoting to processing Bitcoin [BTC] transactions. A better average suggests that miners have more faith in profitability, so there’s generally a robust correlation between hashrate and price.
Bitcoin surged past $12k price mark twice in August before falling back to an equivalent mid-$11,000 price range. The BTC price continues to satisfy resistance at the $12,000 level, staying between $11,700-$11,900 range over the weekend.
Gold & Bitcoin Correlation
Bitcoin and gold may convince have a stronger correlation in 2020 as many investors shy away from traditional finance during the Federal Reserve’s and other central banks’ response to the pandemic.
The price of gold recently also surpassed $2k per ounce as Bitcoin could also be within the early stages of its own Bull Run. Bitcoin investor Max Keiser said that billionaire Warren Buffett’s recent investment in gold could even push the worth of BTC to $50k.