Of the above, in my opinion, whales have the greatest influence on the formation of prices in the cryptocurrency market, since they have a lot of capital and the ability to influence them on the market, especially if they act in collusion. However, it cannot be said that whales have the ability to control the cryptocurrency market. Most likely, this is an opportunity to manipulate it from time to time, sometimes raising or lowering prices. As market capitalization increases, this will become increasingly difficult, as more capital will need to be invested.