Altcoins Will Brighten Christmas 2021

Overdependence on Bitcoin and overreliance on so called ‘crypto analysts’, have in reality stunted the development of crypto markets. While not everyone would agree with this statement, this report could change many minds. To put things in the right perspective let us understand that, there are at least 10,000 Altcoins currently listed on various crypto exchanges. And on the other side you have just one prominent cryptocurrency that, is not designated as an Altcoin. Yes, we are talking about Bitcoin.

Until a couple of years ago, Bitcoin and ETH formed a huge share of crypto market (dollar) value. Since 2019 Glitzkoin has been calling for a change in the configuration of crypto market trade. The concept is really simple – efforts should be made to have a wider range of cryptocurrencies actively trading. This would in effect reduce the share of Bitcoin and ETH in crypto markets.

Bitcoin has for years defined the direction and sentiment of cryptocurrency markets. Would not be wrong in saying that, the days when it was BTC or nothing, were quite recent. We are not talking about eliminating Bitcoin from crypto space – the idea should be to increase the value of Altcoin trade.

A few positive changes in the crypto landscape have, improved the situation since early 2021. One of those good things is that, crypto investors have become more knowledgeable. This has resulted in investors relying less, on slanted ‘analysis’ and ‘predictions’ made by self-styled crypto gurus.

Altcoins are picking pace and investors are gaining confidence as they develop, better ways to assess and evaluate various Altcoins. The April – May 2021 market collapse was triggered, by a huge Bitcoin sellout by a big crypto investor. The action set off a wider selling spree and Altcoins across the board took a nosedive – along with Bitcoin. Investors learnt a few hard lessons and lost confidence, in opinions given by crypto ‘experts’. Interestingly that was the time when Yahoo Finance, singled out Glitzkoin GTN as being one of the very few cryptocurrencies, to withstand the market slump.

The number of crypto investors buying Altcoins is fast increasing. While this cannot overshadow the (dollar) value of Bitcoin investments, it is possible for hundreds of Altcoins, to collectively make a significant impact. As we head for Christmas 2021, a clear picture has emerged. Altcoins are beginning to dent into BTC investments. This will keep happening and is something that, every crypto stakeholder should be proud of. It will lead us to experience crypto markets that, have hundreds of attractive cryptocurrencies to choose from.

There are a few comments that Glitzkoin has consistently made, they relate to Altcoins and crypto markets in general.

-         That effective criteria need to be defined to rank Altcoins. ROI (Return On Investment) should be given due importance. Stability and duration for which an Altcoin has been trading, should also be given weightage. Giving undue importance to crypto price or marketcap, can mislead investors. At the end of the day it is ROI that yields profits.

-         We have repeatedly stated that around 300 to 400 actively trading Altcoins, can provide a healthy balance between Altcoins and Bitcoin in crypto market. To put that in a quantitative estimate, a market configuration of 30% Bitcoin and 70% Altcoins, would be very desirable. Not something that will be achieved in a year or two but, things are moving in the right direction.

As you configure your crypto investment plan for Christmas and into 2022, make sure that you have a healthy mix of Bitcoin and a handful of vibrant Altcoins. And if you have never dabbled with BTC and yet, wish to start trading cryptos, there is no better time than now to do that. Altcoins are getting the due attention that they deserve. More than a handful of Altcoins, have been consistently recording a higher ROI% as compared to Bitcoin.

Interestingly it is not just smaller crypto investors, who are exploring Altcoins. Yahoo Finance in a report (December 2021) revealed that, Bitcoin investors (which would include big and small) are being distracted by attractive Altcoins. This is not surprising and should become, even more glaring in 2022 and beyond.

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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 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.

 

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