Bitcoin Hash Rate Hits Record Average High With $12K Price in Sight

0

As the price of Bitcoin continues to meet resistance passing $12,000, its hash rate has hit a new all-time high.

Data from Blockchain.com confirms that on Aug. 15, Bitcoin’s seven-day average hash rate reached a new peak of 129.075 TH/s. The achievement comes after two weeks of fairly stagnant hash rate growth, with the previous record set on July 28.

Bitcoin 7-day average hash rate

Bitcoin 7-day average hash rate. Source: Blockchain

The hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin (BTC) transactions. A higher average suggests that miners have more faith in profitability, so there is generally a strong correlation between hashrate and price.

Bitcoin surged past $12,000 twice in August before falling back into the same mid-$11,000 range. The BTC price continues to meet resistance at the $12,000 level, staying between $11,700-$11,900 range over the weekend. 

Gold and Bitcoin correlation 

Bitcoin and gold may prove to have a stronger correlation in 2020 as many investors turn away from traditional finance during the Federal Reserve’s and other central banks’ response to the pandemic. 

The price of gold recently passed $2,000 per ounce as Bitcoin may be in 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 price of BTC to $50,000.

Source link

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

ethereum
Ethereum (ETH) $ 406.85 1.26%
chainlink
Chainlink (LINK) $ 12.24 4.21%
ampleforth
Ampleforth (AMPL) $ 1.30 4.52%
maker
Maker (MKR) $ 588.96 1.82%
compound-governance-token
Compound (COMP) $ 102.75 3.16%
havven
Synthetix Network Token (SNX) $ 3.64 4.53%
ethlend
Aave [OLD] (LEND) $ 0.389565 1.09%
kyber-network
Kyber Network (KNC) $ 0.907230 2.95%
0x
0x (ZRX) $ 0.369184 3.40%
augur
Augur (REP) $ 13.41 1.24%
republic-protocol
REN (REN) $ 0.318842 4.03%
loopring
Loopring (LRC) $ 0.163253 3.27%
bancor
Bancor Network Token (BNT) $ 0.914476 1.96%
yearn-finance
yearn.finance (YFI) $ 14,505.35 3.57%
band-protocol
Band Protocol (BAND) $ 5.75 3.71%
kava
Kava (KAVA) $ 1.84 4.58%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.016676 12.28%