Navneet Goenka is confident that altcoins can help build robust and resilient crypto markets.
KUALA LUMPUR, MALAYSIA, August 1, 2021 /EINPresswire.com/ – Aside from almost every other cryptocurrency, Bitcoin is an altcoin. Navneet Goenka, CEO of Glitzkoin who launched the GTN token, has seen bitcoin trends over the past few years. In his opinion, it is unwise to allow BTC to dominate and define the crypto markets.
The CEO firmly believes that altcoins need to improve the way they do business. In his opinion, “… Bitcoin is a single crypto, defined between 60% and 70% of the total crypto market value. This seems ridiculous, especially when you realize that there are over 5,000 altcoins currently being traded. We need more active trading in altcoins. This would help to dilute the control that BTC currently has over the crypto market numbers ”.
While the significance of Navneet Goenka’s observations is indisputable, reality poses some challenges of its own. Bitcoin is by far the most expensive crypto, it is also the most popular crypto among both casual and seasoned crypto investors. Reducing the dominance of Bitcoin to the total crypto market value seems like a Herculean task.
For his part, the CEO came up with some interesting ideas, not a complete solution, but ideas that could give direction to the whole process. Navneet Goenka speaks of 200 to 300 actively trading Altcoins – cryptos with “potential”, as he calls them. The combined trade value of these altcoins would increase the proportion of non-bitcoin crypto market value. This would effectively reduce Bitcoin’s dominance.
And is this effort really necessary? Simply put, can’t we just leave things as they are? The Glitzkoin CEO has an important point in mind: “… it is no secret that a large part of Bitcoins is held by a small group of large investors …. and Bitcoin makes up a large part of the crypto market value. It is easy to understand that the possibility of influencing the price development of Bitcoin is real. This in turn would dictate the direction of the crypto market ”.
Navneet Goenka continued to work on one possible approach. In his opinion, crypto markets defined by a larger number of cryptocurrencies would also attract a broader investor base. This, in his opinion, would support the development of more resilient crypto markets.
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August 01, 2021 at 13:15 GMT
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