The media has a massive effect on the price of cryptocurrencies, as people react to major news and announcements.
A positive or a negative news would cause a similar reaction in the market.
Ya it is true that Media have good effect in not only cryptocurrency but even in other part of life also, But the major of users who are getting affected by this media hype are the new users, day traders and the bitcoiners who are daily watching updates on Bitcoin and react on it.