It’s not about the tech (yet?)

This is a price chart for one of the top-25 cryptocurrencies, from Jun 2019 to May 2020:

And here is another coin:

One of them is Iota, which had a technical problem that resulted in no transactions confirming from February 12 until March 10.

The other is Zcash, which had no technical problems.

I can’t tell which is which from looking at how the markets reacted, can you?

That… I just… whaaa????

I like to think that technology matters, and better tech tends to win in the long run. I still mostly believe that, but I have to admit, seeing a cryptocurrency fail to perform its most basic function for a whole month and the markets shrug it off makes me wonder what people are thinking as they speculate on cryptocurrencies.

Probably nobody is thinking, and it is all day traders and bots.