Quote from: Greggry on Today at 03:04:35 AM

There are many reasons why bitcoin and other coins price is where it is. When the price either directly or indirectly influence the marketcap the price either rises or fall like the current situation. These are factors that influence the price; source: Crypto Update

1. Demand for the coin:
Where there is a well tilted balance between the supply of a coin to its demand, the price becomes Bearish. The higher the demand, the bigger the price..

2. Total Supply of the coin:
When the supply of a coin is way higher than how much people want it, the price falls. Shit coins fall into this category.

3. Market Capitalization:
This refers to the worth of a coin or token; the total value of all coins mined. E.g. Bitcoin's Market Cap was 729billion the last time I checked..
The market cap moves with the price of the coin..

4. Circulating Supply:
This refers to the amount/part of coins out of the total supply. These number of coins are available for sale and the rest are locked or stored away in the blockchain.

NOTE: Total supply of coins ÷ the coin Market Cap =Price of the coin.

Demand and total supply are two distinct factors that influence the value of a cryptocurrency. To illustrate this, let us consider the case of the meme coin Doge. Despite having a low demand and a high total supply compared to other cryptocurrencies, Doge's value was significantly affected by external factors. Specifically, news outlets and social media groups that supported GameStop, as well as a tweet from Elon Musk, propelled the meme coin to a top-ranking position, where it continues to maintain its position to this day.

Market cap of a coin determines its value. If the market cap doubles, the value also doubles. Circulating supply is also important in doubling the price of a coin. Market cap and circulating supply together determine the price of a coin. Other factors are valuable but these two are most important.