What does the year 2021 look like for the crypto industry. Would it be continued focus on Bitcoin or, would Altcoins charter a course of their own. The major happenings in 2020 have more or less, defined a broad view for cryptocurrency in 2021. The overall picture does look promising – let’s look at the reasoning behind this prediction.
The first half of 2020 saw Bitcoin play its familiar role – the king of crypto space. Media content, crypto guru talk and even government moves all seemed to be BTC centric. Though ETH did not crash and disappear into oblivion, it played second fiddle to Bitcoin. Bitcoin fortunes started changing in the last two quarters of 2020, there was a clear sense of corporate interest in BTC. It seemed apparent that, Bitcoin would carve a niche for itself. This was something that would make it stand apart from all other cryptocurrencies.
The pandemic resulted in lockdowns, most nations locked people indoors and business came to a standstill. Interestingly crypto exchanges reported a surge in the number of new accounts opened – this even as global economies declined. The increased activity did not translate into a significant jump in crypto trade, not at least for Q1 and Q2 of 2020.
The second half of 2020 saw dramatic changes in the fortunes of cryptocurrencies. Bitcoin surged to its highest, news of corporate investments came in more frequently. At the same time we saw a bunch of Altcoins also coming up with good numbers – ETH, XRP and XLM lead the charge. It did seem that that Altcoins, were not merely reacting to the impressive show put up by Bitcoin.
Mikhail Koslov the Russian business advisor to Glitzkoin made some very relevant observations. In his opinion, ‘… Bitcoin seems to be building a loyal following, investors are prepared for the medium to long haul. Surely no one dreaming of becoming a millionaire overnight. Confidence in BTC has obviously increased after corporate interest has grown. In the case of Altcoins, it is most likely due to a large number of first time crypto players entering the market’.
Going by investment patterns it is not hard to believe that, funds moving between BTC and ETH and vice versa are not rare. But increased demand for other Altcoins is very likely, due to an increase in the number of crypto investors. The entire scenario is stable enough to sustain into 2021 and a few years after that. And if Altcoins have indeed chartered a course for themselves, crypto markets would have achieved a considerable degree of maturity. The much needed diversity in crypto tokens actively trading on markets, could be closer than was previously imagined.
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]