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

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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.

As Bitcoin attempts to stage a recovery, let’s analyze three altcoins that may outperform in the short term.