1. Market supply and demand: The market forces of supply and demand are the primary drivers of the price of any asset, including cryptocurrencies. As demand for a cryptocurrency increases and the amount of coins available to purchase decreases, the price of that coin tends to rise.
2. News and media coverage: News and media coverage can have a major influence on the price of a cryptocurrency. For example, positive news coverage may lead to increased demand, while negative news coverage may lead to decreased demand.
3. Technology and development: The underlying technology and development of a cryptocurrency can also play a major role in determining its price. Technologies that are deemed more useful or secure may tend to attract more investors, leading to higher prices.
4. Regulations and government actions: Governments and their various agencies may impose regulations on cryptocurrencies, which can drastically affect their prices. For instance, a government ban on a certain cryptocurrency may result in a decrease in its price.