What do you think about it? What can significantly affect the price? Also, I would like to see your predictions for the altcoin market for November.
There are many factors that contribute to the price volatility of crypto asset.
- Demand.
One of the reasons for the increase in the price of crypto assets are the increase in the amount of demand in the market.
- Adopt in the real world.
by being adopted into real life, demand will increase and of course trigger price increases.
- Miner production cost.
The cost of mining is one of the determining factors for rising prices.
- Regulation.
When cryptocurrencies enter the mainstream of a country financial system, then the country can intervene which of course can affect the price of coins globally.
- Influence, whales, important figures and news.
just like what Elon Musk did, with just one tweet, you can inflate the price of the coin mentioned in his tweet, as Doge and Shiba experienced.
In addition, news about cryptocurrency around the world can also affect the price of the coin, for example a country officially recognizes cryptocurrency as a means of payment. Then the price can go up.