More than three out of four crypto traders have made money in the first half of the year as retail investment in the digital assets market grows, according to new international research from GNY, a blockchain-based machine learning business.
GNY, which has developed the free AI-powered Range Report, a machine learning tool designed specifically to forecast the volatility of the 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms, questioned non-professional traders trading at least $5,000 a month on cryptocurrencies.
GNY.IO commissioned the independent research company Pureprofile to survey 100 cryptocurrency traders who trade at least $5,000 a month. The survey was conducted in July 2023 with respondents from the UK, US, Germany, Brazil, Hong Kong, Singapore, UAE and South Africa.
It found 77% claim to have made money in the first half of this year. Around a fifth (20%) say they have made a lot of money while just 7% admit to losing money on cryptocurrency trading and 16% estimate they have broken even.
Around a third (33%) of the non-professional traders are new to cryptocurrency and only started trading in the past two years, the research found, with only 14% saying they had more than four years’ experience.
Their success has convinced them to increase their level of trading – 20% say they will dramatically increase their level of trading this year compared with last year while 57% will slightly increase the value of currencies they trade. Just 6% plan to reduce trading while 17% will maintain their current levels of trading.
Traders positive about long term outlook of cryptocurrency markets
Traders are positive about the long-term outlook too – 89% questioned said the current investment opportunities in the cryptocurrency market are attractive on a five-year view.
However the research found they are split on what will drive increases in cryptocurrency prices in the year ahead. Around half (50%) point to the growing involvement of traditional financial companies in the sector while 43% say the recent crypto winter has improved the quality of companies in the sector and 42% say increased regulation is boosting confidence.
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GNY’s innovative platform helps traders with accurate intelligence on potential price fluctuations, helping them make informed investment decisions as well as providing guidance on how to use and read charts, and market wide information. It simplifies the complex world of crypto into digestible information.
Cosmas Wong, CEO GNY said: “Non-professional traders have had a good run this year as prices across the sector have increased but people with longer memories will know the sector is not always so benign. Trading emotions can overshadow data-driven decisions and traders can lose money.”
Launch of DataNFTs in the pipeline for GNY.io
GNY.io also said it is planning launch DataNFTs, or DNFTs, which will lay the foundation for openness and transparency into GNY’s processes, and for trustless ML collaboration. Using GNY DNFTs, community members and developers will be able to contribute data, models and other work products to the GNY Range Report and securely track usage, earnings, and subsequent implementation and data collaboration.
