Bitcoin Falls, Eggs Surge, Both By 60% In 2022

Egg prices soared by 60% in 2022

In 2022, egg prices rose to previously unheard-of heights. According to the consumer price index, a measure of inflation, customers paid an average price rise of 60% last year across all egg kinds, one of the highest percentage increases of any U.S. item or service.

The average price of a dozen large, Grade A eggs in December was $4.25, up 138% from $1.79 a year earlier, according to data from the U.S. Bureau of Labor Statistics.

The fundamental cause of those higher prices, according to the corporate narrative, is an unprecedented avian influenza outbreak that has killed tens of millions of egg-laying chickens.

Source: Trading Economics 

Bitcoin Fell By 60% in 2022

The last year was an extremely tumultuous year for cryptocurrencies and probably the worst till now. The collapse of various firms in the cryptosphere started with the collapse of the Terra sisters, followed by the Three Arrows Capital, and the last was the collapse of FTX. The crypto market lost billions of dollars in frauds and scams that dominated the industry. There were other economic factors as well, like the rising inflation which led the FED to hike interest rates.

It was nearly impossible for only crypto tokens to thrive in such a situation, as a result, the price of bitcoin dropped by 60%. BTC token fell to as low as just over $15,000. Additionally, investors pulled out money from the market as they looked for better pastures to graze, dipping down the trading volume as well.

Source: coinmarketcap

Also read: Crypto Prices Today: Bitcoin Crosses 23k Mark, Jumps By 1.67%, BNB Up By 5%

BTC vs Eggs

Interestingly, the price of bitcoin fell by 60% and the price of egg rose by 60% in the same year. The reason for both seem to be similar, the collapses in their surroundings, affecting both in contrasting manners.

Well, if you are looking for my suggestion on investment, I would say the current market situation makes egg a better investment than Bitcoin. Bitcoin is volatile and prone to ups and downs. However, the price of the egg in the next few months will only increase or at least stay the same, which guarantees better profits.

There were predictions by experts of the Bitcoin price reaching as high as 250,000 USD, however, it turned out to be a distant daydream for the Silicon Valley investor Tim Draper. Hence, we reach the conclusion, “Don’t count your Bitcoins, before your egg hatches.”

Also read: Shiba Inu Developer Hints At Finalizing Shibarium Beta Launch

Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected] or tweet at Shourya_Jha7

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.