GNY Launches AI-Powered Forecast Tool for Top Cryptocurrencies as Traders Increase Focus on Ethereum – The Fintech Times features GNY

Retail crypto traders are increasing their focus on Ethereum as its price continues to climb, according to new research from GNY.io Limited, a blockchain-based machine learning business.
GNY carried out its study when Ethereum sat at around $1,900 having gained around 54 per cent this year. Its research shows 76 per cent of the non-professional traders trading at least $5,000 a month on cryptocurrencies in the UK, US, Germany, Brazil, Hong Kong, Singapore, the UAE and South Africa believe Ethereum will end the year above $1,900.

Around 55 per cent believe it will end the year above $2,000 with 11 per cent predicting it will climb to more than $2,500 by the end of 2023.

GNY has developed a free AI-powered ‘Range Report‘, a machine learning tool designed to specifically forecast the volatility of 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms.

It also recently further enhanced the tool to use large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2, hoping to make it easier for users to identify significant changes in trends and signals in the crypto market.

The strong price performance is driving more interest in Ethereum and an increased focus on the cryptocurrency as part of their monthly trading, the research shows.

Last year around 11 per cent of non-professional traders said Ethereum accounted for 50 per cent or more of their monthly trading. The study found that is set to rise to 17 per cent of traders using Ethereum in 50 per cent or more of their trading. Around 54 per cent of traders say Ethereum will account for 25 per cent or less of their monthly trading this year.

Leveraging AI-driven analysis

GNY’s innovative platform empowers traders with accurate intelligence on potential price fluctuations, helping them make informed investment decisions as well as providing guidance on how to use and read charts, and market-wide information. It simplifies the complex world of crypto into digestible information.

Cosmas Wong, CEO of GNY, said: “Ethereum is the bedrock of many portfolios of crypto traders, and many are looking to increase their allocation to this cryptocurrency as they expect the rally in its price to continue.

“However, there is so much ‘noise’ on Ethereum and other digital assets that it can be difficult to find reliable and useful data on which to base trading strategies.

“Our GNY Range Report provides crypto traders with all of the market information they need on Ethereum and other leading cryptocurrencies, as well as some oversight as to what could happen to their price in the short term. Our model has been predicting the accuracy of ETH’s daily volatility at around 96 per cent for the last seven days.

“The GNY Range Report is not a traditional news or chart aggregation platform. It leverages the power of machine learning to identify patterns in top crypto assets’ historical trading in order to forecast price volatility, delivering them in an approachable way.

“Even looking at the GNY Range Report, which is extremely streamlined, can be too much for people who are interested in crypto but short on bandwidth. Our LLM-driven Readouts will summarise the token’s trends. It currently says that ETH is showing bearish signals but these trends may be weakening, with a potential for a bullish reversal in the near future.

“Will that happen? We’d have to see, but it is always useful to have the objectivity of an AI-driven analysis as one of our toolkits.”

Written by: Tom Bleach
Originally published: October 11, 2023

 

 

 

 

Scroll to Top

Contact

GNY.io Limited and GNY.io Consulting Limited are committed to customer satisfaction. If you need to get in contact with us please choose one of the following options:

  1. Submit a ticket with our service desk
  2. Email us at info@gny.io
  3. Fill out the below contact form

Thank you and we look forward to helping you.