It was around mid-November 2021 that, Glitzkoin GTN overtook XRP in terms of price. This triggered talk about competition between the two cryptocurrencies. To begin with, crypto trade has a fair amount of speculation and prices, would move up and down. Putting it very frankly, price comparison between cryptocurrencies is more like a snapshot – something happening at that point of time.
To step back a moment, it was July 2018 when Glitzkoin GTN started trading. The token was repeatedly compared to XLM. The only common thing between the two cryptocurrencies being that, both were based on the Stellar blockchain. That was the time when XLM was way ahead of GTN, you needed 3 to 4 GTN to buy just 1 XLM. November 2021 and you could get around 3 XLM for just 1 Glitzkoin GTN token. Crypto prices could sway back and forth, this because of the speculative nature of crypto trade.
Things are very different today, Glitzkoin as a project and GTN as a crypto, have developed significantly. As GTN crossed the $1 price level, the token placed itself close to XRP. Another observation is that Glitzkoin GTN moved briskly ahead, from $0.20 to $1+ in less than 8 weeks. Cryptocurrency investors, took note of the situation and reported about, the ‘competition’ between the two cryptocurrencies.
When talking about Glitzkoin GTN competing with XRP or any other cryptocurrency, there are some basic facts to be noted. We at Glitzkoin have always urged crypto investors, to support and encourage Altcoins. The idea is to improve Altcoin performance in crypto markets, this is not limited to the GTN crypto alone.
We have repeatedly named XRP, XLM, Dogecoin, Shiba Inu and GTN (besides other Altcoins), as having the potential to spearhead an Altcoin boom in 2022. We strongly believe that it would take, at least around 200 – 300 actively trading Altcoins, to make a significant impact on crypto markets. This quite obviously means that, Glitzkoin GTN cannot do it alone – also that, no other Altcoin could do it alone. This should make it clear that, there is no effort to pull down any specific Altcoin.
Now coming back to Glitzkoin GTN price trends in recent weeks. The project has made much progress. The token was trading on just 2 exchanges at the start of 2021 and is now, listed on around 10 exchanges. Seasoned crypto investors realize that, the Glitzkoin mission to increase GTN usage (as a payment token), is more relevant today than ever before. This is something that is driving investment sentiment in Glitzkoin GTN.
Any presumption that Glitzkoin is actively involved, in developing a competitive strategy against XRP or any other cryptocurrency is really not correct. We will continue to support the role of Altcoins, the ultimate goal being to, increase the share of Altcoin volume (in terms of dollars), in total crypto market value.
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.