The latest Cointelegraph report seeks to find the real value artificial intelligence (AI) brings to the cryptocurrency industry, not just the hype surrounding the technology. To do this, Cointelegraph investigated three main areas where artificial intelligence is impacting cryptocurrencies: trading, data analysis, and user experience.
For many years, trading bots have allowed users to execute trades in an automated manner based on certain preset parameters.
With the recent development of large-scale language models such as ChatGPT, artificial intelligence robots are able to process large amounts of historical data, which can help predict future price movements.
However, despite recent advances, AI-powered bots are still not sophisticated enough to develop complex trading strategies.
“It’s basically like having a bunch of dumb buddies who can follow very basic commands but can’t do any very complex thinking on their own,” professional crypto trader and YouTuber Eric Crown shared He speaks of personal experience with artificial intelligence-driven robots.
In terms of data analysis, artificial intelligence tools can process large amounts of public data scattered on blockchains, providing valuable insights into the dynamics of the crypto ecosystem and assessing potential market risks.
However, a large amount of market data is kept off-chain by centralized exchanges and is therefore not publicly available. This limits the ability of artificial intelligence to make accurate assessments.
To learn more beyond the hype about the true value of artificial intelligence in crypto, watch the full report on the Cointelegraph YouTube channel and be sure to subscribe!
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