In early 2021, we had filed a report saying that 2021 was the year for Altcoins. We are in Q3 of 2021 and those words are even more relevant today. The dollar value of global crypto trade is massive, analysts love to compare it with the GDP of a few modestly sized nations. Events during the end of Q2 of 2021 proved that, the gigantic size of crypto markets, is built on a foundation that is far from being resilient and robust.
The basic composition of crypto markets until now, has been quite stagnant. Bitcoin leads the pack with a big slice of market value, fair to say that it has earned that position. The larger problem with BTC is that, a big chunk of the cryptocurrency is held by a small group of ‘big’ investors. True that there are millions of retail investors holding Bitcoin. But, the total value of retail holdings is significantly smaller than, the total value held by that small group.
Though it might not be feasible to change the composition of Bitcoin holders in the near future, Altcoins could provide a lasting solution. Altcoins could together, reduce the weightage that BTC has on total crypto market value. We are not talking about a single Altcoin or a dozen Altcoins, taking on the might of Bitcoin. Around 200 to 300 Altcoins with potential, could trade actively and make up a sizeable portion of crypto market value.
And if you wonder from where those 200 Altcoins with ‘potential’ would come from, just remember that there are currently over 5,000 Altcoins listed on various crypto exchanges. Glitzkoin has been consistently pushing, for the definition of ranking criteria for Altcoins. Defining these criteria should be a concerted effort by stakeholders in the crypto industry. The criteria should be fair, unbiased and give equal opportunity to both small and big cap Altcoins.
The long term strategy for crypto markets, should be focused on bringing an increasing number of Altcoins into the limelight. This is the only way to, build resilient markets that cannot, be controlled or manipulated by a small group of investors. Such a scenario would also encourage more investors to trade cryptocurrencies.
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.
Related Resources: [Project Updates]