INGOLSTADT, GERMANY / ACCESSWIRE / March 29, 2021 / NewsCrypto, a provider of digital asset trading solutions and market analysis indicators, is rolling out an AI-powered price prediction tool to track and analyze chatter about top cryptocurrencies using current and backtested social media sentiment data.
The new analytics indicator tool aggregates news and social media content before extracting the sentiment using machine learning.
Right now, keeping abreast of the current market status of each popular cryptocurrency typically means collating insights from various online sources and using this to manually estimate the current market sentiment. While this is feasible, doing so is a time-consuming, complex task that few are willing to take up.
Nonetheless, the insights gathered from such an effort can give market participants an edge over the competition. In line with its ambition to empower traders to make the most informed decisions possible, NewsCrypto is adding the new sentiment price prediction tool to its product lineup.
The tool scans Twitter posts and other websites related to cryptocurrencies to capture market-moving themes. It then extracts the relevant keywords from noisy input data generated by crypto influencers and learns how these posts affected the market in the past. It then applies this model to predict the future price of each of the top 20 cryptocurrencies – including Bitcoin (BTC), Ethereum (ETH), XRP, and more.
NewsCrypto uses a complex array of parameters to properly compute the market sentiment from different verticals, taking into account who tweeted, the number of followers, and various other metrics related to its performance. It then cross-references this information with the market activity at the time to stratify the relative contribution of each tweet to the cryptocurrency’s price action.
Using this information, the tool is able to turn the raw data into quality insights, and provides the user with an overall score for the market tone: “Enthusiastic”, “Very good”, “Good”, “Neutral”, “Bad”, “Very Bad”, “Fearful” – it then estimates the market movement based on previous activity when the same score was detected.
This not only allows NewsCrypto to reliably predict whether the market is bullish or bearish, but also predict future price movements, whether that be a potential rally or reversal – making it an invaluable tool in any trader’s arsenal.
The first version of the tool is capable of extracting insights from textual sources. But NewsCrypto has plans to launch an upgraded version in the near future, which will be capable of analyzing video and audio sources; using both the content and tone of what is said to further improve the accuracy of its model.
The Newscrypto platform serves as an all-in-one crypto suite, providing a comprehensive set of crypto-specific tools for all users, helping users trade with confidence regardless of their current knowledge level.
The platform offers…