Retail cryptocurrency traders are increasingly turning their attention to Ethereum, driven by its price growth, according to a study by GNY.io Limited, a blockchain-based machine learning company. The research, conducted when Ethereum was valued at around $1,900, revealed that 76% of non-professional traders in the UK, US, Germany, Brazil, Hong Kong, Singapore, the UAE, and South Africa who trade at least $5,000 a month in cryptocurrencies believe that Ethereum will end the year above $1,900.
Approximately 55% of these traders predict that Ethereum will surpass $2,000 by year-end, with 11% anticipating it will reach over $2,500 by the end of 2023.
GNY has developed an AI-powered ‘Range Report,’ a machine learning tool designed to forecast the volatility of 12 top cryptocurrencies using various data points and advanced algorithms. They have also enhanced the tool by incorporating large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2, making it easier for users to identify significant changes in trends and signals in the crypto market.
The strong price performance of Ethereum is driving increased interest in the cryptocurrency, with more traders focusing on it as part of their monthly trading. Last year, around 11% of non-professional traders said that Ethereum accounted for 50% or more of their monthly trading. The study indicates that this percentage is expected to rise to 17%. About 54% of traders expect Ethereum to make up 25% or less of their monthly trading this year.
GNY’s platform provides traders with accurate intelligence on potential price fluctuations, simplifying the world of crypto into easily digestible information. According to Cosmas Wong, CEO of GNY, Ethereum is a fundamental component of many crypto traders’ portfolios, and they are looking to increase their allocation to it due to expectations of a continued price rally. GNY’s Range Report offers traders valuable market information on Ethereum and other leading cryptocurrencies and uses machine learning to forecast price volatility.
Wong notes that in the noisy world of cryptocurrencies, it can be challenging to find reliable and useful data to base trading strategies on, and their tool offers a streamlined and AI-driven analysis to assist traders in making informed decisions. The GNY Range Report has been predicting Ethereum’s daily volatility with around 96% accuracy for the last seven days. Wong emphasizes the objectivity of AI-driven analysis as a valuable toolkit for traders.
By FCCT Editorial Team
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