The all-in-one online cryptocurrency information platform, NewsCrypto has announced, it is rolling out a new price prediction tool powered by Artificial Intelligence (AI), which will allow the tracking and analysis of top cryptocurrencies by parsing social media sentiment data.
By aggregating news and social media content and extracting sentiment data by using machine learning, the new tool will allow investors to take advantage of the growing importance of social media to improve their investment strategies.
The announcement says that the tool will compile information from Twitter and Cryptocurrency-related websites to identify trends that are likely to have an impact on the crypto market, providing its users with an edge over other investors and automating the time-consuming process of evaluating sentiment.
This model will be used to predict the future price of the top 20 cryptocurrencies in the market, which include Bitcoin, Ethereum, XRP, Binance Coin, and others. This will prove especially useful to altcoin investors at a time when the rankings are likely to change amid the growing popularity of cryptocurrency around the world.
The new tool is the latest addition to the platform, which aims to provide the world’s top traders with an all-in-one crypto suit to improve their decision-making, no matter their current level of knowledge.
Harvesting the Power of AI
According to the company, the NewsCrypto platform makes use of a complex array of parameters to determine the potential impact of a Tweet or News publication, such as its origin, follow base, performance, etc, which are then computed to determine the market sentiment.
This information is then provided to the user in the form of easy-to-understand insights based on the estimations of the AI, which will also take into consideration past market trends to predict if the overall market sentiment toward a coin is “Enthusiastic”, “Very good”, “Good”, “Neutral”, “Bad”, “Very Bad”, or “Fearful”, which can then be accounted for by the user.
While the first version of the tools will only be able to extract insights from textile sources, the company is aiming to upgrade it in the future so it can also make use of video and data sources, greatly improving the quality of the predictions.
In addition to those upgrades, machine learning is a type of AI that is constantly evolving based on the accuracy of previous predictions, which should mean the new tool will improve its predictions organically as it gains access to new data.
NewsCrypto App Version 2.0 Will Be Released on March 31st
NewsCrypto has also recently announced the launch of its app 2.0 version at the end of the month, which will see the addition of new features as well as visual and performance improvements.
With the focus of the update being on utility, users can expect improved community predictions, new games to win NWC tokens, the addition of NWC staking, and MA alerts, all designed to improve the experience of crypto investors when using the app.
The announcement was done on March 26th and resulted in the rise in the NWC token price from around $0.55 to its current value of $0.73, a gain of around 35%. This is just the latest rise in the value of the token, which saw great success during the second half of March, almost tripling its value.
With the cryptocurrency market continuing to grow as it becomes more popular and gathers more attention from mainstream media, financial institutions, and private investors, tools aimed to provide a competitive advantage when investing have become the norm in the crypto market.
Artificial intelligence has been evolving for the last years as new technologies like neural networks and deep learning continue to evolve, giving place to new applications such as trading automation and now, social media sentiment evaluation.