New Crypto Entrants Support Altcoins? Not BTC Loyalists?

We have noticed a welcome change in crypto fortunes in the fourth quarter of 2020. A handful of promising Altcoins seem to have chartered a course of their own. There is some related activity to support that thought process but, at the end of the day time will reveal the facts.

While it is fair to presume that BTC and ETH are moving in tandem, other Altcoins like XLM and XRP seem to be defining their own destiny. There is likely to be a movement of funds between BTC and ETH – with movement happening both ways. Simply put there seems to be an overlap of investors, when it comes to the top two cryptocurrencies. 

The pandemic might have dampened performance in most businesses but, the crypto industry has seen much happening in its favor. It was initially known that interest and knowledge in cryptocurrency was on the rise. This went even further when, crypto exchanges reported a steep increase in the number of new accounts opened. It was only towards Q4/2020 that, this crypto interest began translating into actual trade transactions. 

The rapid price rise seen in Bitcoin and Ethereum, was quite obviously being spearheaded by seasoned crypto players. While demand from new entrants was surely not nil, it would unlikely make up a very large share of the trade. At this point it does seem that the group of Altcoins (other than ETH) that performed well, found support from new entrants to the crypto market.  

When talking about Altcoins it would have to be a narrow section that, shows potential and gains the support of investors. This should not surprise anyone once you consider that, there are thousands of altcoins that are open for ‘trading’ today. With a large number of non techies trying their hand at crypto trading, it is likely that Altcoin evaluation will happen based largely on commercial prospects. Projects that have nothing more than a crypto and a big ambition to make massive money overnight on the exchanges, are unlikely to gain recognition. 

Glitzkoin CEO Navneet Goenka, sees this as a good sign for the GTN token but is aware that much hard work lies ahead. In his words, ‘… the thought that Altcoins are finally starting to create a path for themselves is encouraging. Glitzkoin which is gearing up to list the GTN token, on a top level crypto exchange is obviously excited about, how the current scenario is shaping up. Having said that, we will need to wait for at least another quarter, to assess whether Bitcoin and Altcoins will start to perform based on their respective merits’.

 

 

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.

                                                                                     

                                                                                     

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