Although the price of Bitcoin continues to face strong resistance to $ 12,000, The network’s hash rate broke a new record.
The data from Blockchain.com confirm that on August 15th Bitcoin’s weekly average hash rate hit a new high of 129 EH / s. BTC reached this milestone after two weeks of stagnation: The previous record is from July 28th.
Average weekly bitcoin hash rate. Source: Blockchain
The hash rate indicates how much computing power miners use to process Bitcoin (BTC) transactions. A very high hash rate indicates that miners have a lot of confidence in the future profitability of the cryptocurrency. In general, there is a strong correlation between hash rate and price.
Bitcoin crossed the $ 12,000 mark twice this monthbefore returning to the $ 11,000 range. The price continues to encounter strong resistance, trying to break the range between $ 11,700 and $ 11,900.
Correlation between gold and bitcoin
The correlation between Bitcoin and gold could get even stronger in the coming monthshow many investors are looking for reserves valuable alternatives to avoid the devaluation of the US dollar, caused by the policy of the Federal Reserve to combat the crisis.
The price of gold recently exceeded $ 2,000 an ounce and even Bitcoin may be in the early stages of a strong bull run. Max Keizer, TV presenter and well-known Bitcoin lawyer, predicted that Warren Buffett’s recent investment in gold will bring the price of BTC to $ 50,000.