Bitcoin and the broader cryptocurrency market experienced a notable surge in valuation over the past 24 hours, with Bitcoin driving the rally and altcoins following suit.

According to Alex Kuptsikevich, senior market analyst at FxPro, the cryptocurrency market might be poised for a potential downward movement.

Just two crypto coins - Bitcoin and Ethereum - accounted for over 80% of the total increase in crypto market capitalization in 2023, prompting analysts from one Swiss investment bank to say the lead of these two coins is nearly unsurpassable.

Steep increases and unexpected dives in market price are not uncommon in the crypto market, here are some of the drivers of cryptocurrency value for those new to this asset class.