The world of cryptocurrencies is one that is unique when compared to other forms of investments. What drives the price of currencies upwards and downwards can be wide and varied but as many of the top cryptocurrencies become more known they are influenced in more traditional ways.
Many large companies are showing an interest in accepting certain cryptocurrencies as a form of payment, when this interest is shown, the price can rise.
There is also a case of supply and demand because cryptocurrencies will only have a certain number of coins in circulation and this can have a big influence on the price. The Media also play their part because they can talk about a cryptocurrency in ways that can have negative or positive effects and that can cause people to stay away or decide to invest.
Finally, the price of Bitcoin, which is the main cryptocurrency can have an influence on the price of other cryptocurrencies.