Even more interesting is that for bitcoin the "production cost" (ie. the mining cost) is decided based on bitcoin's price not the other way around.
funny thing is..
for years i have been running charts of the cheapest and most expensive mining costs.. and set that as a value window.
and in 99.99% of chart plots the price sits within the mining cost window.
check one example recently
https://bitcointalk.org/index.php?topic=5382559.msg59053731#msg59053731the blue and purple line is mining cheap-premium. and if you look at the peaks and valleys of mining cost. and then look forward a few days,weeks the price then follows with a peak or valley