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Analysis

BTC Hash Rate Hits Record High with $12k in Sights

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With the price of Bitcoin (BTC) continuing to surpass the resistance level by more than $12,000, its hash rate hit a record high.

Data from Blockchain.com confirmed that Bitcoin’s average 7-day hash rate hit a new high of 129.075 TH / s on August 15. Success came after hash rate growth stagnated for the past two weeks. The previous record was set on July 28th.

Bitcoin (BTC) 7-day average hash rate Source: Blockchain.com
Bitcoin 7-day average hash rate Source: Blockchain.com

The hash rate is an estimate of the computing power of miners processing Bitcoin (BTC) transactions. A higher average indicates that miners have more confidence in profitability. This usually indicates a strong correlation between hash rate and price.

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Bitcoin surged above $12,000 twice in August and then fell back to the mid-range around $11,000. BTC price continued to encounter resistance at the $12,000 level and hovered between $11,700 and $11,900 over the weekend.

BTC Losing Dominance

At first glance, Bitcoin’s intraday price movement appears promising as the asset price climbs to around $11,900. However, the bulls were unable to sustain gains and BTC quickly fell back to around $11,800.

After several small but unsuccessful attempts to move higher again, the number one cryptocurrency on CoinMarketCap is back to the $11,800 level as at press time.

With altcoins continuing to generate impressive profits and Bitcoin refusing to break down its $12,000 nemesis, its dominance has been compromised. The metric comparing the market value of BTC to all other tokens fell to 58.4%. This is the lowest value since mid-June 2019.

Bitcoin (BTC) Dominance
Bitcoin Dominance Source: CoinMarketCap

Strong Relationship between Gold and Bitcoin

As the Federal Reserve and other central banks respond to the pandemic, Bitcoin and gold could have a stronger correlation in 2020 as many investors ditch traditional funding.

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The price of gold recently exceeded $2,000 an ounce as BTC may be in the early stages of a bull market. In addition, Bitcoin investor Max Keizer said billionaire Warren Buffett’s recent investment in gold could push the price of BTC as high as $50,000.

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