The process by which a ‘fair’ market price of an asset is established through the interaction of supply and demand. The price is not set by any single party—it emerges in real time as an aggregate of trading activity and market expectations. In crypto, price discovery is most visible when a new token is listed or when trading resumes after an extended pause: at moments like these, the market is finding equilibrium for the first time, and volatility can be exceptionally high.