- NewsCrypto is launching a new price prediction tool that uses machine learning.
- The tool will aggregate cryptocurrency market sentiment from various online sources.
- The AI-powered tool will help determine the impact of crypto influencers on crypto prices.
Notably, the tool will extract the sentiment data from aggregated news and social media content using machine learning. In addition, the tool will aggregate current market sentiment towards top cryptos from various sources. Prior to this, keeping up with a crypto’s status required collecting insights from various online sources individually. Hence, this makes the tool the first of its kind.
Thus, the noteworthy innovation by NewsCrypto will make crypto status monitoring more efficient and empower traders to make informed decisions. In addition, the tool will give users a distinct competitive advantage.
Further, the tool will capture market-moving themes by scanning crypto-related posts and news. For instance, the tool will scan Twitter to extract relevant keywords from posts by crypto influencers. Also, the tool will take into account who posted the Tweet, the size of their following, and other key metrics. Imagine being able to quantify in real terms the impact Elon Musk’s tweets have on Dogecoin price.
The tool will then use the keyword to determine how such posts affected past market movements. The extracted information will then be cross-referenced against price movements at the time to determine what contribution the post had.
By learning from this past data, the tool will then be able to predict future crypto price movements. However, for now, the tool will only monitor the top 20 cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple.
However, the digital asset trading solution provider, NewsCrypto, is yet to announce when the groundbreaking tool will be available.