How AI and ML are Changing The Way We Trade Crypto
Trading has always been considered to have created millionaires. Cryptocurrency came into existence in 2009 with a whole new and unregulated market to trade in. Many people made use of this opportunity to make billions.
However, one of the downsides to this market being unregulated is that the prices are highly volatile, and we can see double-digit percent changes in these prices every single day. Hence, it is extremely easy to make the mistake of placing a wrong trade order.
The consequences of this can be very devastating when one is trading in high volumes of cryptocurrency. Only if there was a way for someone to notify us whether it is the right time to place an order or not.
Thankfully, technology has advanced to such a level that we now have machines that can think and do things better than us. This amazing piece of technology is called AI blockchain technology and Machine Learning.
AI and ML making trading easier:
AI is an advancement in technology where machines are programmed to behave like humans. On the other hand, machine learning is the process where machines are able to learn things based on past behaviour. When these two advanced technologies are combined and are used along with the blockchain, we get to see marvellous things happen.
As humans, we are emotionally attached to our money and it often leads us into making bad decisions. Looking at the market dip, we might end up selling in the fear of losing more money. However, we buy more cryptocurrency when the market is on the rise due to the fear of missing out. We fail to analyze the situation at hand and act in ways that are detrimental to our financial well-being.
Like any other market, even the cryptocurrency market has a lot of technicalities involved. One way to trade your way to a million is to master all the technical aspects of this market. However, learning and understanding the intricacies of the crypto market is not so easy for the average joe. People who understand the cryptographicalgorithmsand practicealgo trading have been very successful in this space. Thus, the need for someone or some technology to guide us, is at its peak.
By using AI and ML, a bot can analyze the current trend in the crypto market and where the price might go based on the past performances. Findings can then be used to place trades accordingly. This is called deep learning blockchain technologythat canhelp you place winning trades and constantly increase the funds in your portfolio.
AI and ML-based crypto exchange:
We now have a fully functional exchange that implements the AI and ML technology on its platform. CoVEX is the first exchange to do this. This means that crypto trading just got a whole lot easier for the average person. Every time, you feel like placing an order, you already know where the market is going to move, thus, providing you an opportunity to make money in this very competitive crypto market.