Crypto data aggregator CoinMarketCap has launched a new artificial intelligence (AI) tool that claims to operate as a crypto analyst for investors.
It discloses its ability to provide real-time responses to a wide range of questions, from general educational inquiries to those aimed at aiding investment decisions.
The AI Crypto Analyst Tool Will Utilise Real-Time Data
In a recent statement, CoinMarketCap attributes the launch of this product to ChatGPT’s recent upgrade, which now enables it to explore the internet.
Until recently, ChatGPT was limited to exploring data only up until September 2021 due to its lack of internet connectivity. However, a recent upgrade has now granted it this capability.
CoinMarketCap asserts that the tool can address challenging questions from users by leveraging its internet connectivity:
“Designed to operate as an AI crypto analyst, the plugin is capable of answering complex queries instantly by tapping into CMC’s real-time crypto data, all through simple chat prompts.”
It gives examples of some questions that can be asked. These tasks range from finding connections between different cryptos to identifying the best days for Bitcoin’s performance.
At the time of publication, Bitcoin’s price is $26,835.
Furthermore, it can explain how major global events affect performance cycles.
The crypto industry operates at a rapid pace, with news continuously evolving. This includes fresh court filings and project advancements to global government updates regarding their positions on central bank digital currencies (CBDC).
Spike in AI Crypto Trading Bots in Recent Times
Meanwhile, it clarifies that the more time users spend using the tool, the more it will enhance its intelligence:
“Questions that once required time-consuming data analysis can now be answered instantly, with the plugin getting smarter over time as it learns from users’ queries.”
Several reports have emerged recently regarding the surge of AI crypto trading bots. Additionally, there has been speculation about their reliability and accuracy compared to traditional trading bots.
AI bots, in contrast to traditional trading bots that depend on simple algorithms based on technical indicators or price fluctuations, have the capacity to conduct more in-depth data analysis.
BeInCrypto has previously highlighted that AI trading bots are capable of employing more intricate algorithms.
These include neural networks, which can identify patterns and connections that may not be readily apparent to human traders.
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