As the price of Bitcoin continues to meet the resistance of $12,000, its hash price has hit a new record of all time.
Data from Blockchain.com confirms that the average seven-day Bitcoin hash price reached a new peak of 129,075 EH/s on August 15. This achievement comes after two weeks of fairly stagnating hash growth, with the previous record set on 28 July.
The hash rate is an estimation of the amount of processing power that miners spend on processing Bitcoin (BTC) transactions. The higher average suggests that miners have more faith in profitability, so there is generally a strong correlation between hash and price.
Bitcoin went through $12,000 twice in August, then returned to the same range in the middle of $11,000. BTC's price still faces resistance of $12,000, staying in the $11,700-11,900 range at the weekend.
Bitcoin and gold may turn out to be a stronger correlation in 2020 as many investors turn away from traditional financing during the Federal Reserve and other central banks' response to the pandemic.
The price of gold has recently passed $2,000 per ounce, as Bitcoin may be in the early stages of its own bullring. Bitcoin investor Max Keiser said that Warren Buffett's recent gold investment by billionaire Warren Buffett may even raise the price of BTC to $50,000.
