We did say that Altcoins would move into the limelight in 2020. That was based on the fact that, Altcoins did start making some positive gains. Our opinion was surely not limited to just the Glitzkoin GTN token.
The 2020 pandemic which developed through the end of 2019, did not severely affect the crypto industry. Glitzkoin did face a few challenges as, project development was in progress. The good part is that, 2021 has quickly brought things back on track for us.
Early 2021 did put Altcoins on the backseat for a while, this was due to the fact that Bitcoin was sizzling. Even seasoned crypto players were predicting, astronomical numbers for BTC. It was as if nothing could go wrong, crypto market sentiment was surging.
And then came mid May 2021 when, someone dumped a big lot of Bitcoin. Elon Musk later admitted that, he had done it to prove that BTC was liquid! Markets crashed and thousands of small and micro Bitcoin holders lost money. It became apparent that, despite the massive size of crypto markets – the whims and fancies of a single investor could, bring markets crashing to the ground.
While Bitcoin did make a recovery, price levels were far below expectations. Mid July 2021 and investors seemed to fear a repeat, BTC kept struggling to move up and continue its journey to higher price levels. While a smart recovery could not be ruled out, it is quite clear that Bitcoin could no longer be a main pillar of crypto markets.
The crypto industry cannot sit fingers crossed for days and months, hoping for a Bitcoin miracle. A wiser option would be to reconfigure crypto markets, to be sturdier and more resilient. It would be impossible to achieve that without, bringing Altcoins to the fore. Altcoins in this case have a strategic role to play and Glitzkoin, has some recommendations.
As we move towards 2022, it would be necessary to encourage and promote Altcoins with potential. Around 200 to 300 such Altcoins (from the existing 5,000+) would need to start trading actively. The total trade value generated would be substantial. This would lead us to crypto markets that are not, totally dominated by Bitcoin trade.
Such a scenario would make crypto markets sturdier, it would also attract a wider base of investors. The increased number of actively trading cryptocurrencies, would result in more resilient markets.
And all this would require Altcoins to start getting their act together – now. The rise of Altcoins in 2022, should be welcomed by all crypto industry stakeholders.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.