As the price of Bitcoin continues to encounter resistance and surpass $ 12,000, hash reached a new all-time high.
Data from Blockchain.com confirms that the average 7-day Bitcoin hash rate hit a new high of 129.075 TH / s on August 15. The success comes after two weeks of somewhat stagnant growth in the retail rate, with the previous record set on July 28.
Hash rate is an estimate of how much computational power mines are using to process Bitcoin (BTC) transactions. A higher average indicates that the miners have more confidence in profitability, so there is generally a strong relationship between retail and price.
Bitcoin rose above $ 12,000 twice in August before falling back to the middle range of $ 11,000. BTC price continues to encounter resistance at $ 12,000 and remains between $ 11,700 and $ 11,900 over the weekend.
The Gold and Bitcoin Correlation
The Bitcoin and gold correlation could prove so closely related in 2020 as many investors have turned away from conventional financing during the Fed and other central banks’ response to the pandemic.
The price of gold recently surpassed $ 2,000 an ounce as Bitcoin may be in the early stages of its bullish path. Bitcoin investor Max Kieser said billionaire Warren Buffett’s recent investment in gold could push the bitcoin price as low as $ 50,000.