We evaluated the value AI is bringing to the cryptocurrency industry in the most recent Cointelegraph Report by separating the hype from practical use cases.

Beyond the hype surrounding the technology, we looked for the true value AI adds to the cryptocurrency business in the most recent Cointelegraph Report. To achieve this, we investigated the three key spheres of effect that trading, data analytics, and user experience have on the cryptocurrency industry.

Trading bots have long allowed users to carry out trades automatically depending on a set of pre-defined parameters.

AI-powered bots are now able to evaluate vast volumes of historical data thanks to the recent development of vast language models like ChatGPT, which can be useful in forecasting future price movements.

Nevertheless, despite the most recent developments, AI-powered bots still lack the sophistication to expound on complicated trading methods.

A renowned cryptocurrency trader and YouTuber named Eric Crown shared his firsthand experience with AI-powered bots. “It’s basically like having a bunch of dumb partners who can, who can adhere to very basic commands, but they can’t do any like very complicated thinking themselves,” he said.

In terms of data analytics, AI technologies can analyze a significant quantity of publicly available data that is dispersed over the blockchain, giving insightful information about the dynamics of the cryptocurrency ecosystem and identifying possible market concerns.

However, centralized exchanges maintain a significant quantity of market data off-chain, making it unavailable to the general public. That restricts AI’s capacity to provide reliable assessments.

Watch the whole Cointelegraph Report on our YouTube channel and make sure to subscribe to learn more about the true value at the junction of AI and cryptocurrency beyond the hype.

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