Bitcoin price has fallen back around 7,000 after surging 19% in the past five days climbing to $7,645 level. At the time of writing, BTC/USD has been trading at $7,354 with 24 hours loss of 2.27%, as per Coincodex while managing the daily trading volume of $357 million.

While the price is struggling to make a sustainable move to the upside the hash rate of the Bitcoin network made a fresh all-time high.

On December 22nd, Bitcoin's hash rate went onto to hitting 111,000,000,000,000,000,000 hashes per second.

Source: Bitinfocharts

Bitcoin hash rate has been on an uptrend ever since it hit the bottom in early December 2018. On Oct. 23rd, we hit the previous ATH that led to the sideways action until now. Coin Metrics notes,

“Bitcoin's hash rate (48 hr) is performing exceptionally well in the face of weak BTC price action, currently sitting at levels not seen since October.”

However, last month economist and trader Alex Kruger pointed out that “many miners will capitulate if hash growth continues unabated.”

Now that Bitcoin price is trading sideways while hash rate continues to rise, it needs to be seen if miners will capitulate and if that would take us to $5,500, a price level that many crypto commentators have been expecting BTC to hit next year.

$3 Million to be Mined in 2020

Next year we are going to experience the third bitcoin halving but despite that miners are predicted to mine about $3 billion worth of bitcoin at its current price.

This projection is based on the halving statistics as per which before May 2020, Bitcoin’s blockchain will generate about 1,800 coins per day and after that, it will see a reduction of 50%.

The mining sector is also expected to see new mining operations from all across the world including Canada, Russia, and the US and reduce the concentration of these operations in China.

A recent study revealed that Sichuan province accounts for more than 50% of the global Bitcoin hashing power and China overall provides 66% of the total hash rate.

Hash Rate strength to take Bitcoin Dominance Skywards

Meanwhile, market analyst and veteran trader Tone Vays in his latest episode of his Trading Bitcoin Youtube series, made a prediction of “Bitcoin dominance in 2020 reaching 85%.” Currently, Bitcoin dominance is around 69%, up from 51% in January.

“I think Bitcoin dominance has one more push. The way we went from about 50% to 70% in 2019 — I think we have another 10-15% in Bitcoin to gain on the sh*tcoins as it continues towards 90% and 95% and then 98%.”

Bitcoin hashrate versus a few shitcoins. 2019 was a beautiful year to be a bitcoiner. 2020 shitcoins will be scooped up and brought to the bin where the projects will continue to suffer a painful death further accelerated by the halving. pic.twitter.com/GsjZoZPSh9

— WhiteRabbit (@WhiteRabbitBTC) December 23, 2019

The fundamental factor behind Bitcoin’s success Vays said is the “hash rate strength.” Bitcoin hash rate has grown by 800% which Vays describes as “incredible” further sating, “Show me another sh*tcoin that has this kind of hash rate growth.”

Recently, he predicted $50,000 as Bitcoin’s price by 2023.