Early November 2021 and Glitzkoin GTN rose to $0.70+, amazing if you consider the fact that the token was trading at $0.20 a few weeks ago. Crypto lovers have started providing their own explanations for this bull run. In this report we cover a number of factors that, could have caused this sudden GTN price climb.
Before we move ahead, a quick mention of social media posts that try to explain why, the Glitzkoin GTN token showed a rapid price in late October and early November 2021. Various posts comment that, the bull run was triggered by some Bitcoin and ETH investors. We will not comment on this theory - have briefly mentioned it towards the end of this report.
Let’s not forget that the Glitzkoin GTN crypto, was trading on just 2 crypto exchanges in early 2021. The 2020 pandemic and ensuing lockdowns, slowed down the process of negotiating with crypto exchanges across the globe. Things changed dramatically from April 2021, this was when Glitzkoin started getting listing offers from a number of reputed crypto exchanges. By early November 2021, the GTN token was trading on around 10 exchanges. Should mention here that, the process of listing GTN on additional exchanges continues. The Glitzkoin team meticulously picked exchanges that were popular with Altcoin investors. This development exposed GTN to a wide base of crypto investors. It would not be wrong to say that, a large number of first time Gitzkoin GTN investors emerged from these crypto exchanges.
1) Not many cryptocurrencies are backed by a comprehensive project plan, GTN is an exception. Since its inception in 2018, Glitzkoin has consistently developed and implemented modules that, would increase usage of the GTN crypto as a payment token. Seasoned crypto investors, realize the importance of this factor. It is this feature that has managed to differentiate, GTN from the thousands of Altcoins in the market today.
2) The DiaEx diamond trading platform, was developed as part of the Glitzkoin project. Aimed at improving marketscope and efficiency in the $90 billion diamond industry, DiaEx designates the GTN token as the sole mode of payment. The launch of this platform which was scheduled for 2022, was preponed to early October 2021. Pre-approved diamond dealers, are added to the platform on a regular basis. It is not only the diamond dealers who have welcomed the early launch of DiaEx. Glitzkoin GTN investors are aware that, GTN trade activity would show a significant rise as diamond traders settle payments using the token.
3) Another positive development for GTN investors relates to the, MyTicket-Glitzkoin partnership. As per this agreement visitors to the leading online ticketing portal (MyTicket.Asia), would be allowed to pay for their purchases using the Glitzkoin GTN crypto. While the technical aspects of this partnership have already been developed, the launch has been held back due to restrictions imposed during the pandemic. It does seem likely that a 2022 launch for the agreement would be possible. This is something that, does generate a positive sentiment in crypto markets.
4) The significance of the DiaEx platform and the MyTicket-Glitzkoin partnership, go well beyond their implementation. The Glitzkoin tech team keeps exploring, the possibility of developing platforms similar to DiaEx for a range of industries. The Business Development team lead by Lila (Hussain) Ruzaini, has made good progress in negotiating, partnerships similar to the one with MyTicket.Asia. Positive updates on these efforts, are likely to be announced in 2022. GTN investors view this as an opportunity, to further enhance the utility of Glitzkoin GTN as a payment token.
5) We now come to another explanation being circulated among crypto enthusiasts. The theory is that Bitcoin and ETH investors, are ‘moving’ funds into Glitzkoin GTN. This is a sensitive statement that, we at Glitzkoin will surely not like to actively propagate. Our opinion is that, there is likely to be an overlap of Bitcoin, ETH and GTN investors. Many investors seem to understand the potential of the project and token. This explains why, we did not see a concerted GTN sell activity even when price points delivered, good opportunities for profit taking.
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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.