Bitcoin price continues to meet resistance at the $ 12,000 mark. Meanwhile, its hashrate has hit a new all-time high. According to data from Blockchain.com, Bitcoin’s average 7-day hashrate hit a new high of 129.075 EH / s on August 15th. In the past two weeks, the hashrate has largely stagnated. On July 28th, she set her last record. Hashrate is an estimate of the computing power miners use to process Bitcoin (BTC) transactions. A higher average means miners are more likely to see profitability. In general, therefore, there is a strong correlation between hashrate and price. Bitcoin surged above $ 12,000 twice in August and then fell back into the $ 11,000 area. BTC price continues to meet resistance at the $ 12,000 mark and stayed between $ 11,700 and $ 11,900 over the weekend.
Gold and Bitcoin Correlation
Bitcoin and gold could be more closely correlated in 2020 as many investors are turning away from traditional finance due to the response from the U.S. Federal Reserve and other central banks to the pandemic. The price of gold recently soared to over $ 2,000 an ounce. Bitcoin could be in the early stages of a bull run. Bitcoin investor Max Keizer said that billionaire Warren Buffett’s recent investment in gold could push the BTC rate to as much as $ 50,000.