But who's actually moving their prices?
Each individual (traders, investors, etc) sales conclusion but whales have the upper hand since they accumulated enough coins which would impact the market price.
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It's mostly the demand, the whales are the specific person that do those because of course they buy a lot of coins.
Sometimes hype do as well in some coins. See those other coins getting pumped and dumped? Yeah they're the ones for hypes mostly and just die throughout the night.
No, it the level of demand and supply of the market with the addition of positive news which will somehow support the market pump in price but what the whales and arbitrage traders did is manipulate the market to make a profit.
That's why experienced investors are usually advised to follow the whales and arbitrage traders decisions.