2021 has so far been a good year for cryptocurrency. Expect some turbulence as crypto legislation keeps pace with crypto development but, the overall atmosphere for crypto is positive. Experts are quick to point out that it is not just Bitcoin that, has performed smartly during this time. ETH and a handful of other Altcoins have also, put up an Impressive show. No secret that Glitzkoin joined the chorus in labelling the year 2021, as the Year For Altcoins.
We must recap that all private cryptocurrencies besides Bitcoin, are referred to as Altcoins. We are deliberately leaving out CBDC (Central Bank Digital Currency) because, these official cryptocurrencies would soon require a classification of their own. Getting into the detailed characteristics of CBDC, would be beyond the scope of this report so let's stay focused on Altcoins.
ETH which happens to be an Altcoin, along with no more than a dozen (other) Altcoins, have been active participants in the crypto bull run of early 2021. Much of the positivity towards Altcoins in 2021, stems from this Altcoin behavior. Crypto analysts have tried to guess the reasons for this Altcoin trend. While some attribute it to the surge in new crypto participants, others feel that funds have started flowing back and forth between Bitcoin and Altcoins. Without adding to the guesswork, we move on to an important fact that has generally been sidelined.
While there is no need for pessimism when evaluating the scope for Altcoins in 2021 and beyond, it is important to assess the size of the Altcoin sector. There are currently no less than 5,000 Altcoins listed on various crypto exchanges. Even a very generous estimate would not put, the number of active Altcoins beyond 50. Easy to estimate that more than 90% of the Altcoin sector is stuck in a limbo.
Expecting Altcoins to get noticed merely by marketing noise could backfire as, this often results in price pumping and triggers the ‘pump and dump’ syndrome. Project promoters are prime stakeholders and should ensure that, projects have depth and true value. Trying to detach a cryptocurrency from the project or promoters that, launched it is undesirable. No doubt that, cryptocurrency trade will always hinge on speculation but, that should not be an excuse to launch projects with scant substance and potential.
Crypto gurus and analysts also have a role to play, one that they should have always been doing in the first place. Unbiased reporting and evaluation of Altcoins is not expecting too much. It is unfortunate that almost every expert opinion and much of crypto media space, is up for sale today. New and casual crypto players, are unable to distinguish between – paid media hype and researched crypto analysis. This happens due to the way content is presented by the media.
Another aspect of crypto activity that could draw investor interest, to a wider range of cryptocurrencies would be crypto legislation. Effective legislation and implementation could significantly weed out projects and promoters that, could be detrimental to the interest of innocent investors. Investor confidence gets a much needed boost when, crypto crime is promptly identified and crypto criminals brought to justice.
This report does not claim to be the last word in promoting a wider base of Altcoins. But what it effectively does is to highlight, the type of environment that would encourage crypto investors to evaluate a wider range of Altcoins. There is no reason why investors would not explore, potentially attractive investments. The crypto industry has a responsibility in creating the right environment.
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]