Here’s why IOST, Horizen (ZEN) and Avalanche (AVAX) surged as Bitcoin crashed

Here’s why IOST, Horizen (ZEN) and Avalanche (AVAX) surged as Bitcoin crashed

Bitcoin’s (BTC) recent plunge could have been caused due to profit-booking by institutional investors, according to a report by crypto fund manager CoinShares. The report noted a sharp drop in institutional inflows during the first week of the new year and weekly outflows from several crypto investment products.

Crypto market data daily view. Source: Coin360

While the recent 28% decline may have scared some new investors, Bitcoin HODLers were likely unfazed as they’ve encountered six larger corrections during Bitcoin’s massive bull run in 2017. Therefore, describing a 20% fall as a bear market may not apply to cryptocurrencies.

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As Ether’s price neared its all-time high, traders focused their attention on it’s competitors, one of them being IOST. In a bullish environment, traders usually buy the rumor of an impending announcement and this appears to have happened with IOST.

IOST co-founder Terrence

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