Glitzkoin has been cheering Altcoins since 2020. It has been wonderful to see a few crypto stalwarts and analysts, adding their voice to this call. This effort is not aimed at putting down Bitcoin - that was never our intention. The idea is to break the stranglehold on crypto markets that, a handful of cryptocurrencies currently have.
While it is never easy to change crypto investor mindsets in a hurry, a positive change has been developing in 2021. Not favoring any specific Altcoins but, naming a few as an example. Cardano (ADA), Glitzkoin (GTN) and Ripple (XRP) have made big strides in 2021. Confirming that these are not the only Altcoins that, have shown progress in 2021.
For those of you who have been following the Glitzkoin Infopedia Section (on our website at www.glitzkoin.com), the repeated mention of three issues related to Altcoins, would be apparent. The first relates to the development and encouragement, of Altcoins. The second issue highlights the need for defining, specific criteria to rank Altcoins. The third mention is about Altcoins, taking center stage in 2022.
The first and third issue mentioned above are self-explanatory, making a short observation about, the setting of Altcoin ranking criteria. The concept of ranking Altcoins by market cap or price is outdated. Glitzkoin is of the opinion that, ROI% (Return On Investment) should be the primary (but not the only) – parameter to evaluate Altcoins. Stressing on the message, ‘but not the only’ parameter to assess Altcoins.
2021 has seen a significant improvement in Altcoin performance. The good thing is that, a fairly large number of Altcoins have started trading actively. We did mention ADA, GTN and XRP but in reality, there are at least 50 Altcoins that have impressed crypto analysts. This clearly reveals an increased investor support for Altcoins.
It is fair to presume that the positive investment mood for Altcoins, will sustain and grown through 2022 and beyond. The implementation of crypto legislation and the growing awareness of cryptocurrencies is helping widen, the investor base. Interestingly the high price levels of Bitcoin (mid-November 2021), also makes it a risky proposition for small and medium crypto enthusiasts. Having developed knowledge in crypto trade, these investors seek Altcoins with potential.
So how do we measure the growth of Altcoins in crypto markets? While there will surely be many opinions on this, we at Glitzkoin have set up a simple parameter. Crypto markets would become a lot more stable and resilient if, Bitcoin forms just 30% of total crypto market (dollar) value. This would imply that Altcoins would together, form 70% of market value. This is unlikely to happen in a short time span but, it is surely viable over a period of time.
Altcoins will get increasing support as time goes by, we see this gathering momentum and 2022 will be the breakthrough year. To repeat our earlier comments, nothing that happens to Altcoins will be aimed pulling down Bitcoin.
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.