07-03-2023, 10:21 PM
#1

Even though the price of Bitcoin (BTC) has been gradually growing since its inception, using the flagship decentralized finance (DeFi) asset to buy some of the more traditional goods, such as, i.e., eggs would today cost you less than it did five years ago, in 2018.

Specifically, a dozen eggs on July 3, 2018, had cost $20,284.60, while, at press time, this price stands at $3,621.69, indicating a decline of 82.15% over the period of five years, according to the data acquired from Pricedinbitcoin21, the platform that tracks prices of traditional assets versus Bitcoin, on July 3.

Indeed, the price of a dozen eggs currently costs 3,622 Satoshis (SATs), which is the smallest unit of Bitcoin, equalling 0.00000001 BTC (one hundred millionth of a Bitcoin). In the last month alone, the decrease in this price relation has amounted to over 11.50%, whereas in the last year, it has declined 56.70%.

Bitcoin price analysis

As for Bitcoin itself, it is currently changing hands at the price of $30,606. This indicates a modest increase of 0.19% on the day, a 0.93% gain across the previous week, and a more significant advance of 12.75% on its monthly chart. Notably, in the last five years, the maiden cryptocurrency has grown its price by nearly 365%, as its price on July 3, 2018, stood at $6,596.66, according to the data retrieved by Finbold on July 30.

Meanwhile, Bitcoin is staging a remarkable comeback from a difficult 2022, its key technical analysis (TA) indicator – moving average convergence divergence (MACD) – suggesting the beginning of the bull market for the largest crypto asset by market capitalization, as Finbold reported earlier.

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