Is there a detailed explication of how coins determine their price?

I have heard all about the supply and demand and when people buy goes up sell goes down but that doesn't satisfy me.

Is there some sort of algorithm that determines the price based on actions? For example if a person buys x of coin increase the coin value by y?

If all that the price is currently, is what people are willing to offer for it, what stops people from collectively agreeing to only sell their coins at a price that they want? What would stop that group from selling btc for example for 100k? If no lower offers existed people would have no choice but to buy at 100k.

In other words, how was the current price of any coin determined? Why it changes automagically? There must be some algorithm that determines those things.

submitted by /u/VAIAGames
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