well, it does, but it's not the driving factor on crypto projects, if you look at the effects on most of these coins, whenever progress is made the market reacts, but the market can and usually (in these cases) also "over-react" as with most new volatile investment markets people are looking at the trends only, without even bothering to look at the company, they see a familiar trend, they ride it while it's hot, set their stop losses and then pull out as soon as it starts to drop. this is where the market correction comes in, once all the pump and dumps are over, most of what you have left are the "hodlers" and when we look at the lowest value of each correction you see the true trend line which likely reflects a much more accurate value of the company, or crypto coin, this value tends to move upwards as the market grows.

Do yourself a favour, pick any good investment you have and blot the lowest points after ever major correction on a chart, then draw a line over these by month, now look at the release notes of the project as well as any events that have taken place, now label these events or release notes as either positive or negative in your opinion for the company, place these opinions over your chart and look at the base value of your project now, see if its inline with your opinion of the company then make a decision based on those findings.