Bitcoin Hash Rate Hits Record Average High With $12K Price in Sight
Bitcoin’s seven-day average hash rate passes 129 TH/s for the first time as the price continues to meet resistance at the $12K level. 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.
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 86.4% | 25 | $100 515.90 | 3.19% | -1.74% | $1 989 655 990 941 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 70.8% | 59 | $3 905.37 | 6.82% | 1.35% | $470 383 862 359 |  |
|
| 3 |  USDT |
Tether predictions | 91.6% | 1 | $1.000214 | -0.04% | -0.04% | $139 772 387 113 |  |
|
| 4 |  XRP |
XRP predictions | 59.6% | 93 | $2.43 | 5.50% | 2.10% | $138 572 273 765 |  |
|
| 5 |  SOL |
Solana predictions | 80% | 38 | $230.06 | 5.08% | -1.80% | $110 170 488 090 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.8% | 53 | $715.21 | 5.33% | -1.99% | $102 996 832 353 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 72% | 51 | $0.414083 | 6.70% | -5.92% | $60 939 097 446 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999931 | -0.03% | 0% | $41 524 807 139 |  |
|
| 9 |  ADA |
Cardano predictions | 59.6% | 85 | $1.16 | 15.80% | -3.87% | $40 706 054 594 |  |
|
| 10 |  TRX |
TRON predictions | 53.6% | 94 | $0.293660 | 9.01% | -11.93% | $25 328 987 445 |  |
|
| 11 |  AVAX |
Avalanche predictions | 63.6% | 72 | $50.13 | 13.51% | -3.71% | $20 536 295 494 |  |
|
| 12 |  LINK |
Chainlink predictions | 60.4% | 77 | $28.77 | 29.00% | 20.14% | $18 034 258 139 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.2% | 69 | $0.000029 | 8.39% | -8.27% | $17 113 969 260 |  |
|
| 14 |  TON |
Toncoin predictions | 62.8% | 71 | $6.45 | 6.86% | -6.92% | $16 449 067 653 |  |
|
| 15 |  DOT |
Polkadot predictions | 58.4% | 87 | $9.32 | 12.33% | -13.13% | $14 244 590 607 |  |
