Simple (and possibly stupid) Question

[pearlmen]

I am new to Bitcoin but I’ve been doing a bunch of research and learning. VERY interesting stuff! I invested a small amount a few months ago and I’ve seen my investment triple. I’m cautious but I’m all in and plan to slowly add to my wallet.

One thing confuses me. Who and what actually sets the current price? I understand how things like China taking a negative stand on bitcoin can drive the price down, but don’t understand the very basics of  how the price actually moves. Is it a function of how many people own it at any given time, so as people buy and sell,  the price of a coin increases and decreases?

Thanks in advance for your info!

This question you are asking is what even legendary members are even seeking answers to but no one can say for certain as we all then settle for the most explainable reasons for why price is what it is at any particular point in time. Since you are a newbie, as you move on, you get to realise that you can't have answers to everything but what matter is how you can make the best out of the current situation whether now, or in the future.

[HiringYou]

Bitcoin is a type of cryptocurrency whose price  is totally depended upon it's demand and popularity.People are getting to know about the potential of Bitcoin and that's why demand for Bitcoin is increasing day by day.The price generally increases when people start investing in it. When people sell there BTC's , a drop is seen in it's price.For example after China banned ICO's and exchanges and after J.P. Morgan's statememt their was a huge drop in the price because many people sold there BTC's because they were worried after noticing that downfall in the price .But now the demand for Bitcoin is increasing which is making it the finest investment asset that's why you got your investments tripled in few months.