Altcoins Holding Back Bitcoin In More Ways Than One

An interesting crypto market landscape has emerged in 2021. While Bitcoin loyalists might not be so pleased with the evolving scenario, it is something that crypto lovers in general should welcome. The underlying message is that, crypto markets are maturing at a rapid pace. A wider range of actively trading Altcoins, are opening up attractive options for crypto investors.

It would not be wrong to say that, Altcoins are holding back Bitcoin. In the not so distant past, it had been a common practice to make sky high BTC price predictions – each time that the crypto made a move to climb up the price ladder. While this effort to pump Bitcoin has not entirely disappeared, it is surely being delivered on a lower key today. Hardcore Bitcoin supporters can blame Altcoins for that!

There was a time not so long ago when crypto investors would, sell their Altcoins for the vaguest reasons. This would generally happen when BTC was doing well, investors would liquidate their Altcoin holdings and invest in Bitcoin. The year 2021 has seen a landmark change in this mindset. A clear indication that the focus is shifting to Altcoins, investors are making bold moves and gaining real profits in the process.

A price rally by Bitcoin is still triggering exaggerated price predictions but, investors have ceased to follow such slanted reports. A BTC price manipulation by big investors, would be initially successful in increasing Bitcoin prices but, that has been short lived for important reasons. Altcoins are the key cause for the inability of Bitcoin, to trigger widespread investor demand.

A rise in BTC price is being followed by an exit of Bitcoin investors to Altcoins. While biased crypto reporting might not accept this opinion, it is quite clear that investor overlap across Glitzkoin GTN, Cardano, XRP, Bitcoin and ETH is happening. Glitzkoin has not been the only Altcoin, to experience a prolonged bull run from October to December 2021 even when, BTC prices were slipping.

Crypto markets have grown significantly wide, crypto investors today come from all walks of life. New investors are being attracted by many well performing Altcoins. The message is that Bitcoin and ETH are no longer, the starting point for many crypto investment portfolios. Detailed surveys conducted by Glitzkoin revealed that, a large section of GTN investors had made their first crypto investment with this token. And Glitzkoin GTN is surely not the only such Altcoin, tokens like Cardano, Solana and even DogeCoin have generated significant interest in cryptocurrency.

So we have reached a stage where, crypto investors are focusing on profits made. The news is that ROI (Return On Investment) is being given high importance. This bodes well for the entire crypto industry.

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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, 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 will form the blueprint, for similar deals to be negotiated with other business operators.


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