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Nearly half are checking altcoin prices at least once an hour, GNY study finds
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GNY Range Report uses advanced AI Crypto Intelligence to forecast the volatility of the 12 top cryptocurrencies
Retail crypto traders are increasingly interested in altcoins as prices become less linked to the dominant Bitcoin, new international research* from GNY Limited, the leading blockchain-based machine learning business, shows.
Its global study with traders trading at least $5,000 a month on cryptocurrencies found nearly two out of three (64%) believe both trading volumes and demand for altcoins will increase as their prices become less correlated to Bitcoin.
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GNY has developed the free AI-powered Range Report, a cutting-edge machine learning tool designed specifically to forecast the volatility of the 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms. GNY has further enhanced the tool to use large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2. making it even easier for users to identify notable changes in trends and signals in the crypto market.
Its research found nearly half (45%) of non-professional traders check altcoin prices at least once an hour with nearly a third (31%) saying they monitor altcoin prices all the time. Just 13% say they only check altcoin prices once a day while 6% estimate they check prices every few days
The study found that on average non-professional traders estimate Bitcoin will make up 35% of their monthly trading this year. Around a fifth (18%) say it makes up 50% or more of their monthly cryptocurrency trading.
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 GNY said: “As many leading Altcoins become more established, they are becoming increasingly popular with crypto investors and traders. There is also growing evidence that many are becoming less correlated with Bitcoin, which increases their level of attractiveness as it enables traders and investors to more easily diversify their portfolios.”
“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.”
GNY.io is also using Large Language Models, another exploding sector of AI, to help make the insights in the GNY Range Report even more accessible. “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”, says Wong. “Our AI Readouts will summarize the chart trends and eventually users will be able to interact with the models to customize the information they want, set alerts and customise notifications.”
GNY.io will also launch DataNFTs, or DNFTs, which will lay the foundation for openness and transparency into GNY’s processes, and for trustless ML collaboration. Using GNY DNFTs, community members and developers will be able to contribute data, models and other work products to the GNY Range Report and securely track usage, earnings, and subsequent implementation and data collaboration.
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How to use the report
The GNY Range Report is a cutting-edge machine learning tool designed specifically to forecast the volatility of the 12 top (soon to be 25) cryptocurrencies. By leveraging multiple data points and advanced algorithms, the innovative platform empowers traders with accurate intel into potential price fluctuations, helping them make more informed trading decisions.
Unlike traditional market analysis tools, the GNY Range Report serves as a centralised hub, gathering and consolidating all relevant information in one place. The GNY Range Report ensures traders have access to the most pertinent data without feeling overwhelmed.
With its user-friendly interface and intuitive design, the GNY Range Report caters to both professional traders and passionate enthusiasts. It is a prosumer product that combines the robustness required for in-depth analysis with the accessibility needed for traders at any level of expertise.
Notes to Editors
- * IO commissioned the independent research company Pureprofile to survey 100 cryptocurrency traders who trade at least $5,000 a month. The survey was conducted in July 2023 with respondents from the UK, US, Germany, Brazil, Hong Kong, Singapore, UAE and South Africa.
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