That Altcoins have been gaining ground is no secret. The paid crypto media noise generated for Bitcoin, has been increasingly neglected by crypto investors. Not trying to say that BTC has disappeared or is even close to that. We need to keep in mind that, a large proportion of Bitcoins are held by, a small group of highly funded investors. This is the group that can lock substantial funds in Bitcoin, for an indefinitely long period. It also happens to be the group that, has consistently deployed tactics that were aimed at manipulating BTC prices.
Fast forwarded this story today and things have changed. Crypto investors have learnt to differentiate between, media noise and real developments. Events in April – May 2021 revealed that, big investors were out to mislead small and medium investors. While thousands of investors booked losses after falling, for a host of Bitcoin price pumping gimmicks – many of them have decided to leave BTC forever. This has worked to the advantage of Altcoins and triggered, a strong wave for Altcoins with potential.
The year 2022 is poised to be a critical year for Altcoins. Crypto investors are giving Altcoins much deserved attention. The number of crypto investors is increasing rapidly, the profile of many new investors reveals some interesting observations. People from all walks of life have developed an interest in cryptocurrency. Another very encouraging development has been, the interest shown by professional investors from stock and gold markets.
2022 and beyond should see the Top 500 Altcoins, diminish the importance and role of both Bitcoin and ETH. The process has really started in 2021 and continues to happen, as we publish this report. Quite obvious that Altcoin track records and project backing, will be closely scrutinized by prospective investors. Project promoters should make a strong commitment to execute published plans. We are talking about just 500 Altcoins, from a total of at least 10,000 tokens. Investors have options to choose from, this is something that will drive healthy performance and competition in crypto markets.
An interesting point that forms the basis of this report – ranking the Top 500 Altcoins. So who does this what are the criteria and which is the, most popular portal to refer to. In our opinion it is the CoinMarketCap (CMC) crypto ranking, that is most followed and relied on. Surely not perfect but, evolving into something better, the CMC crypto ranking charts provide a fairly reliable guide. The taking over of CMC by Binance did raise a few controversies, one of these related to a biased ranking for cryptocurrencies launched by Binance. Without getting into debates on this issue we do feel that, the number of those cryptocurrencies with ‘biased’ rankings, form a very small portion of the 500 Altcoins that we have been referring to.
Talking about CoinMarketCap crypto ranking and Glitzkoin GTN, here is an interesting observation. Early 2021 when the Glitzkoin token was trading on just two crypto exchanges, had a 24 hour trading volume of less than $100,000 and a price range of around $0.25 – CoinMarketCap had often ranked Glitzkoin GTN well below 2,000. There were times when the portal actually stopped ranking the token! No grudges here as that was probably due to the assessment, made by CMC based on various parameters. Things went through a huge improvement as we moved through 2021.
As Glitzkoin GTN was listed on multiple crypto exchanges starting Q2/2021, 24 hour trade jumped and ranged in the $200,000 to $600,000 bracket. The token surged from $0.25 to $2 and then ended 2021 at around $1. With GTN exchange listings moving up from 2 to over 10 and 24 hour trade volume rising and the price moving up by 400% ($0.25 to $1) – CMC reacted to this impressive performance by, lifting the Glitzkoin GTN rank from, around 2,000 to around 300 (end of January 2022). Basically proving that the CoinMarketCap crypto rankings, are sensitive to a range of parameters. It does seem that, the algorithm is being fine tuned as an ongoing process.
So what we are likely to see in 2022 or early 2023, is the Top 500 Altcoins diminishing Bitcoin trade volume in terms of dollar value. This would have a positive impact on the crypto industry even if, it displeases a few high volume BTC investors. Glitzkoin has repeatedly stressed the need for a crypto trade configuration, which is composed of 30% Bitcoin and 70% Altcoins. This going by the dollar value of crypto trade conducted.
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.