Controlled by a small niche of crypto investors, Bitcoin is the naughty boy of the crypto world. With its uncanny ability to swing crypto markets, BTC follows no rules and gives no clues.
Glitzkoin CEO Navneet Goenka has this to say about the king of cryptos, ‘… it amazes me how crypto analysts, drum the BTC drum when it shows a significant fall or rise in price. What amazes me even more is how, they all tend to fall silent when Bitcoin is not performing one of its price antics’.
Going by what the BINANCE CEO Changpeng Zhao said, there is no sign of institutional support for BTC – this as on August 2019. A very small group of BTC holders play up the market to their advantage. This is obviously a group that can bear long term losses and is capable of throwing BTC prices so high, that they add millions of dollars to their kitty in hours, if not in minutes.
There is tremendous noise when the price of Bitcoin swings either way, self styled crypto gurus, ‘well known’ crypto analysts and others, turn on their laptops and keys begin to fly. Everyone has something to say, everyone knows exactly why it happened. Paid influencers have a field day, online publications have a great time selling publication space to crypto marketers. This seems to be quite understandable.
The truly amazing time comes when Bitcoin stays calm with little or no price movement. The crypo pundits go silent, their business takes a dip. The finance section of leading news portals, churn out mundane talk about cryptos. Unwanted opinions and irrelevant analysis abound, BTC talk takes a backseat.
Mikhail Kozlov the well known Russian business strategeist and expert adviser on the Glitzkoin team feels that, the crypto world needs to stop being pushed around by one or two cryptos. He feels that, ‘… the crypto market continues to be little more than a Bitcoin market. Let’s not forget that BTC rose from $1 to $6,000 at a time when, there was literally no other crypto on the scene. It had the complete playing field to itself, it wrote the rules. It is time that, we started looking at ways to broaden the base of crypto markets’.
While it is true that more than 90% of the cryptos launched in the past 18 months, are struggling at prices that are less than 10% of their ICO closing values, it is also true that the remaining 10% have potential for growth. That tiny 10% could turn into superstars if only, the crypto world could identify and nurture them.
Let us end this report on a very hard hitting note. It is an undisputed fact that no more than 1% of the entire crypto community, holds 5 BTC or more at this point in time. It is time that we built a more resilient and robust crypto market for the remaining 99%!
GLITZKOIN: The first diamond blockchain to be promoted by a veteran from the multibillion dollar diamond industry, Glitzkoin is the brainchild of second generation diamond veteran Navneet Goenka. The project includes a comprehensive diamond trading platform DiaEx and a multifunctional crypto GTN. Besides trading on at least 3 crypto exchanges, the GTN token is also the designated mode of payment on DiaEx.
The project successfully completed an ICO in June 2018 and the GTN token has been trading since July 2018. The DiaEx diamond trading platform is being launched in phases, and the first set of diamond traders have started operating on the platform. The support teams are currently on standby to address technical issues and provide support services. DiaEx is scheduled to deliver a full launch and become open to traders from across the globe within 2019.
The GTN token has received the active support of seasoned crypto traders. When fully operation (within 2019) DiaEx will form another active source of demand for the token. This because diamond buyers will fulfill their payment obligations using the GTN token.