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AI company says only Bitcoin, Ethereum, and Tezos will rise in next 7 days

Written by  Apr 24, 2020

While bitcoin (BTC), ethereum (ETH), and tezos (XTZ) could well go up in the next week, an artificial intelligence (AI) system predicts this pattern.

Crypto data firm Nomics has announced on Wednesday the beta release of 7-day cryptoasset price predictions, utilising a machine learning model known as long short-term memory (LSTM). This means that it examines huge quantities of data upon which it learns to predict a price.

After acknowledging that the predictions are not investment advice, users can find here a predicted 7-day price, a predicted 7-day percentage change from the current price, and the mean 30-day error expressed as a percentage for each asset. Individual cryptoasset pages also come with the ability to track historical accuracy.

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Let's take a look at what the AI sees in the future for the top 10 coins by market capitalisation not taking tether (USDT) into consideration, as it's a stablecoin, pegged to the USD.

Bitcoin, says the system, will go up 0.51% in a week, to a predicted price of USD 7,508. The mean 30-day error is 7.88%. However, at the same time, the system shows that BTC now (10:45 UTC) trades at USD 7,526, or more than its predicted price.
Meanwhile, Ethereum has a higher percentage in its cards and will go up 3.83% to the price of USD 193.35. The mean error here is 9.66%.
Tezos, the last of the top 10, is the winner among them all. Its price is predicted to appreciate 15.18% to USD 2.86, with the 30-day mean error of 11.74%.

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Bitcoin Exchange CEX.IO

Not only is the world of crypto still evolving, but the crypto price prediction is still developing, "ML-generated cryptoasset price predictions are uncharted territory" as Nomics says, the system is new, and it will require more learning with time. It remains to be seen how accurate the current predictions will be, and how much more precise will the AI become with time.

Meanwhile, BTC rallied on Thursday sharply, almost recovering all losses it suffered on Black Thursday in March. Furthermore, observing the on-chain fundamentals for the week, crypto market researcher Glassnode found a significant increase in activity on the Bitcoin network, with the numbers of transactions and of active entities rising, which they believe is expected given the upcoming mining reward halving and the revived retail interest in BTC. "This represents not only recovery to pre-crash levels, but also a significant increase in activity as compared to the start of 2020," says Glassnode.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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