Traditionally, traders have relied on human-based pattern recognition and technical analysis. However, with the growth of artificial intelligence (AI), there are additional ways that crypto traders can analyse the markets using the data gathered via machine learning.
Crypto markets are highly volatile, which makes it challenging for traders to keep up with the constant fluctuations, but that’s where Artificial Intelligence comes in. The algorithms of Artificial Intelligence can analyse/interpret complex market data in real-time, which enables traders to make informed decisions and maximise their chances of profitable trades.
In essence, traders can gain insights, automate trading strategies and potentially improve their overall trading performance in the cryptocurrency markets by employing AI-based trading algorithms and platforms.
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Many crypto platforms have already incorporated Artificial Intelligence features and algorithms, all in a bid to make day to day activities of crypto traders easier and more profitable. Below are some of them.
Kryll
With an intuitive interface and a wide range of features, Kyrll is a crypto trading platform that uses Artificial Intelligence to automate trading strategies. It basically helps improve the crypto trading experience, and the App has been confirmed to be available for download in Nigeria.
One of Kryll’s stand-out features is its strategy editor, powered by WYSIWYT (What You See Is What You Trade) technology. This strategy editor allows users to design trading strategies using a simple drag-and-drop interface.
Additionally, Kryll offers backtesting capabilities, which enable users to test their strategies against historical market data, and it supports prominent crypto exchanges like Binance, Coinbase, KuCoin, Kraken and Crypto.com.
Coinrule
This is a trading platform that allows users to automate crypto investments. Basically, Coinrule does this by deploying Artificial intelligence to enable users to set up custom trading rules and strategies.
One of the unique selling points of the platform is that it is simple and, at the same time, sophisticated. This is because it is accessible for beginners and advanced traders alike. With the help of AI, Coinrule analyses market trends and executes trades based on user-defined rules.
Additionally, it supports centralised and decentralised exchanges like Binance, Kucoin, OKX, Bitpanda, and Uniswap.
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Nansen
This blockchain analytics platform uses Artificial Intelligence to provide investors with insights into on-chain data by enriching raw blockchain data with millions of wallet labels that help users identify patterns and trends in the market.
The prominent crypto platform assigns wallet labels and categorises them into different types, like whales, exchanges, and developers, to allow users to identify buyers, sellers, and potential investment opportunities.
By providing AI-powered market intelligence, transaction analysis, social network data, and AI-driven insights, Nansen has proven to be a powerful tool for noobs (beginners) and advanced traders to improve their trading experience and performance.
Lastly
There is no denying the fact that these AI-powered crypto platforms provide data-driven insights, identify patterns and process large volumes of information effectively. Still, the importance of human intuition cannot be overlooked.
Human intuition adds contextual understanding, adaptability, and critical thinking to decision-making. In essence, developing a balanced approach is key. Hence, traders need to leverage their intuition to identify potential biases in Artificial Intelligence signals, consider additional qualitative factors, and adjust based on their experience and market understanding.
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