No, you are wrong, it isn’t 69.30 CPC for the Display network, that is from the Search Network. Those are two very different networks. The Search Network is a completely different network from the Display Network, and CPC on the Search Network has absolutely nothing at all to do with the CPC of ads on the Display Network.
Each network has it’s own set of websites and advertisers. The CPC will depend upon how much competition there is for ad space, and in turn, how well the traffic from the network converts for the advertisers.