Bitcoin
Bitcoin$63 394.57

0.80%

Ethereum
Ethereum$2 532.57

4.34%

Binance Coin
Binance Coin$544.74

0.18%

XRP
XRP$1.79

-1.09%

Cardano
Cardano$1.47

1.00%

Tether
Tether$1.00

-0.12%

Swarm Intelligence Set

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


17 Aug 2020   #Bitcoin

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.

Source

#source

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.