Altcoin Price Review from Bitcoin Leader Andresen
Which altcoin project crashed?
Andresen shared two price charts for high liquidity altcoins. In general, it is not necessary to be a blockchain analyst or trader to understand that both charts are similar.
Andresen then explained: One of the charts shows the price of the IOTA token (MIOTA), while the other belongs to ZCash (ZEC).The important point, however, is that the IOTA protocol remained intact during February and March 2020. After a devastating attack, all operations on the Tangle data structure were stopped.The ZCash protocol did not experience any technical problems and functioned normally during the period in question.
Is technology important?
Andresen used this comparison to show that the technical aspects of a popular token only affected the price a little. He admitted that the markets did not care that IOTA could not perform its operations. According to the Bitcoin pioneer, this is the best proof of the highly speculative nature of cryptocurrency price movements. As a result, he described two real catalysts of price movements as follows:
“TRADERS AND BOOTS.”
It must be remembered that IOTA stopped all operations carried out on the Tangle network on February 13 after the attack, which caused a $ 2 million damage.
The IOTA Foundation has provided a means of transition to alleviate the attack. In addition, IOTA’s founder David Sonstebo decided to use a significant portion of cryptocurrencies to cover the victims’ losses.