November 2021 was around the time when Bitcoin, reached its highest ever price levels. The price rise was so rapid that, analysts were predicting a straight rush to the $90,000+ levels. Interestingly it was also the time when, we at Glitzkoin were saying that – the BTC investor base was shrinking. The statement might be confusing and misplaced but, this report will better present our point of view.
Bitcoin is the most popular cryptocurrency, the ‘mother’ of cryptocurrency will better describe BTC. There are likely to be close to a million Bitcoin investors. A small group of high volume Bitcoin investors, would generally control price trends. There is a big base of BTC holders with small holdings. That is the investor landscape of the cryptocurrency. It is a fact that the sum of all Bitcoins held by the group of small BTC investors, would be significant.
Small and medium Bitcoin investors followed a predictable pattern for years. These investors would allow crypto media content to influence their decisions. The small group of big BTC volume holders, would use paid crypto media content to influence crypto markets. Things were moving fine until April 2021 – that was when, the actions of 1 big Bitcoin holder crashed the price of the crypto. This triggered an overall slump in crypto markets.
Big investors did not panic sell but, smaller investors feared losses and dumped their Bitcoin. Losses mounted and it was understandable that, small and medium BTC investors felt let down. That was the turning point for Bitcoin the crypto has never managed to pull back, thousands of investors who choose to stay away from BTC. The important thing is that big investors, continue to try and influence Bitcoin investor decisions by making use of crypto media.
Back to the November 2021 incident when, Bitcoin embarked on a price (rise) spree, it shattered previous records to reach its highest ever price level. Just as analysts were predicting a march towards $90,000+, Bitcoin decided to step back. It was quite apparent that, the bull spark was lit by big BTC investors backed by powerful media hype.
The idea was to get smaller investors into the Bitcoin buying mood thus, pushing up the price of BTC even further. The outcome was not as expected, thousands of Bitcoin fans did not trust the authenticity of the bullish trend. The simple explanation is that, many investors considered Bitcoin to be a risky buy. This feeling is likely to increase as the price of BTC moves up.
There is another reason why, the rush to invest in Bitcoin has subsided. Altcoins have generated high interest among crypto investors, this has been even more significant in recent months. Of the 10,000 Altcoins currently listed, there are at least 25 with a good track record. Some of these have an ROI% that beats that of Bitcoin.
Will not make this into a sales pitch for Glitzkoin GTN but, would mention numbers just to illustrate why Altcoins are starting to gain a strong foothold. Investors who purchased 1 Bitcoin worth of GTN in early October 2021, could today liquidate those GTN tokens and buy around 3 Bitcoins 6 weeks later! And remember that there are at least another 10 to 15 Altcoins that, have also performed impressively.
Nothing in this report suggests that, Bitcoin is about to become insignificant or that BTC prices are about to crash to the floor. There will always be a select group of Bitcoin investors with, big funds and high risk capacity. These are investors who can wait for weeks, months and possibly years for Bitcoin to reach their dream numbers.
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.