To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?
I think some altcoin not backed with anything because there are stable coin and utility coin, you can find it's mean in google. And their price can be pure from supply and demand and it is pure from market.