I have come to realize that price in the cryptocurrency market is determined speculation.
So does it mean then that the factors of demand and supply doesn't determine price in cryptocurrency as we were taught in economics in college?
Yea, speculation is one factor that affects the prices of crypto, but the demand and supply principles play a bigger effects on the rise or fall of any commodities prices including Crypto.
Other factors that also affects crypto prices includes,
1.The number of competing cryptocurrencies
2.The exchanges it is traded on
3. Regulations governing its sale etc.