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43% of serious Bitcoin traders increased their level of buying during periods of volatility, comparted to 37% who sold more
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Newly launched BTC Range Report is one of the most powerful Bitcoin prediction tools in the market
New research (1) from GNY, the leading blockchain based machine learning business, reveals that 83% of traders who trade at least $1,000 a month in Bitcoin, believe their level of trading in the cryptocurrency increased in 2021 when compared to 2020, and a key reason for this was price volatility.
Just over one in three (37%) said they sold more Bitcoin in 2021 when price became more volatile, and 43% said they bought more when this happened. Only 20% said their level of trading did not change when volatility increased.
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Over the course of 2021, 25% of serious Bitcoin traders said the value of their trades in the cryptocurrency increased by between $1,000 and $5,000 on 2020, and 23% said it was between $5,000 and $10,000 more. Some 24% said it was higher than this
Cosmas Wong, CEO GNY said: “2021 was clearly a busy year for trading Bitcoin and other cryptocurrencies, and high levels of volatility were a key driver of this. Last year saw Bitcoin reach a high of $68,790, and a low of $28,894, and many traders sees these huge swings in valuation as an opportunity to trade more.”
GNY recently launched BTC Range Report, providing some of the most accurate forecasts around Bitcoin volatility of any platform or service available today. Extensive testing of BTC Range Report has delivered a mean absolute percentage error (MAPE) of between 3% and 7% making it one of the most powerful BTC prediction tools in the market. The average of the majority of competitor BTC prediction tools tested by GNY was 10%, but it was as high as 17% for some platforms.
The BTC Range Report uses proprietary machine learning to forecast Bitcoin volatility. The tool is the first consumer facing product offered by GNY and uses specialized neural nets and a custom RSI to generate optimized forecasting for the projected daily range for Bitcoin.
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The BTC Range Report is issued every Tuesday and spans a seven-day period. For the price of just $10, it can be purchased with ETH or GNY tokens, and access is provided directly through the user’s Metamask walletand is available to purchase on the GNY.io website. Version 1 of the GNY BTC Range Report offers:
- GNY’s daily projected volatility range for BTC as a graph and a table
- a forecast of which day will hold the weekly high and the weekly low
- forecast of daily volumes
- historical daily high and low prediction graph for the last two weeks VS BTC Actuals
- mean absolute percentage error (MAPE) for GNY historical daily high and low predictions VS BTC Actuals for the previous two weeks
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