Oddbean new post about login | logout It's only going up because USD is pouring into BTC. (ANYTHING/USD)÷(BTC/USD) $ANYTHING goes down as more USD chases BTC. Still USD denominated. The price of eggs or any other commodity you care to name is, the local valuation of eggs divided by the USD cost of that commodity. iow, USD denominated. Sure, we can get into other local UOA's, but we know that virtually all of them come back to USD.