I think coins or cryptocurrencies prices are determined on their trading volume most likely. Look at
ETH, even with high gas fees, users are still holding and trading it. There are lot of DeFi's involved in here also. There are so many factors as to how these prices are determined.
Yes, and this is also very influential from the number of enthusiasts of coins or tokens that can be traded, because if the demand is very large, the volume and price will also be very large in the market.