The price of cryptocurrency has to do with supply and demand. The price of bitcoin will go up when demand for bitcoin goes up and the price of bitcoin will go down when demand for bitcoin goes down. Now whether or not we know if there is high demand or low demand depends on numerous factors such as global events, which include when there is a drop in price, and an increase in the price of specific stocks and other major economical developments. Bitcoin itself has the highest trading volume among cryptocurrencies.
The supply of cryptocurrency ultimately depends on how many new coins are being mined as well as how many cryptocurrency holders want to actually sell their coins. Like we discussed the demand for cryptocurrency depends on many factors, like global news but it is also based on if there’s benefits to actually owning that specific coin. A major factor would be if more businesses and companies started to accept crypto as a form of payment i.e. more global adoption taking place then the demand for crypto will increase which will increase its price.
Additional factors for price movement can be when users buy low and sell high. The value of crypto can increase when people buy and hold coins because that will increase the demand for it.
Mining different cryptocurrencies also has a major impact on the supply of cryptocurrencies and if there is less supply then there will be higher demand which will increase the price of crypto and vice versa.
Long term the value and price of crypto currency will increase when more businesses start using it as a form of payment because that will increase its utility as well.
Lastly price also fluctuates a lot based on media coverage whether it’s on the news or through social media. Like any currency, cryptocurrencies gain their value based on how many users are actually involved in this space.
In order to see where the price of certain cryptocurrencies is at you can go to coinmarketcap.com for accurate pricing of all cryptocurrencies at that exact moment. When you click on the specific cryptocurrency you can see the chart for it as well and take a look at the trending market for that specific cryptocurrency.