It is very hard to make a price prediction for such a volatile market. It isn’t enough to conduct a technical analysis. But why? To understand this, you need to look at human psychology and follow the latest news about all top cryptocurrencies.Firstly, the prices depend on Bitcoin. As it gains strength, it rushes swiftly onto the market and stimulates growth. Contrariwise, it also generates a decrease for all coins. Why does this happen? People think that Bitcoin determines the nearest future of the market.
Next, most cryptocurrencies are interdependent with negative dynamics and relatively independent with positive ones. When the market falls, all currencies lose their price, but during a massive rise, each index grows individually.
Other influential factors are:
latest news;
investments from well-rated companies or persons;
productivity of miners;
the attitude of different exchanges.
Reference: coinzev.com
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