ChatGPT picks top 5 cryptocurrencies to buy in 202

ChatGPT picks top 5 cryptocurrencies to buy in 2024

It didn't take long for artificial intelligence (AI) to begin to show off its skills across industries, including offering insights on bitcoin market assets, after OpenAI's ChatGPT platform was released, sparking a fresh wave of interest in the technology.

In light of this and the fact that the current year is almost over, Finbold asked the chatbot to provide a ranking of the top five cryptocurrency assets that offer a solid chance for investment in the upcoming year. On October 16, the chatbot produced some intriguing findings.

Bitcoin (BTC)

The first recommendation made by ChatGPT is for Bitcoin (BTC), which it describes as "the first and most well-known cryptocurrency" that was created in 2009. It notes that many investors and finance professionals view Bitcoin as "a store of value" and occasionally refer to it as "digital gold."

At the time of writing, the price of bitcoin was $27,770, up 3.23% from the day before, 0.77% from the previous seven days, and 4.76% from the previous month. This indicates an increase of 67.7% from the year's beginning.

CoinBinance (BNB)

The native token of the cryptocurrency trading platform Binance, Binance token (BNB), was also recommended by the chatbot. It has "many other uses including payment for transaction fees on Binance Exchange, making in-store payments, and much more."

As of this writing, BNB's price was $213.01 at the time of publication, up 2.77% over the previous day, 2.13% higher on its weekly chart, but 0.5% lower than 30 days prior, and accruing a loss of 12.74% in 2023.

ADA Cardano

Cardano (ADA), a proof-of-stake (PoS) blockchain platform that follows BNB, was chosen as one of the best cryptocurrencies to purchase in 2024 because, according to ChatGPT, it aims to "allow 'changemakers, innovators, and visionaries' to bring about positive global change."

As for Cardano, its price at the time of publication was $0.25216, meaning that it has gained 1.95% in value in the last day, 0.22% in the previous week, 0.5% in the month, and 1.09% since January 1, 2023.

DOT (Pinkadot)

Polkadot (DOT), which OpenAI describes as "a multi-chain framework that supports various blockchains in a single network, aiming to achieve high levels of security, scalability, and innovation," is the final of the five investment-worthy digital assets that the company has to offer.

As for Polkadot's price, at the time of writing, it was trading at $3.781, up 0.61% from the previous day but still down 2.04% for the week, 9.57% on its monthly chart, and 12.88% lower in 2023.

ChatGPT projects the price of the S&P 500 at the end of 2023.

The S&P 500 made a tremendous recovery in 2023, but the majority of the increase was attributed to the extraordinary profits made by its seven tech titans, known as "The Magnificent Seven." Their explosive ascent—some firms saw gains of more than 200%—was supported by the fervent demand for ChatGPT and other generative AI services.

Concerns were expressed over the sustainability of the stock market's surge, nevertheless, due to this concentration.

Finbold used ChatGPT's predictive AI to anticipate the S&P 500's year-end price in an attempt to get more insights and throw light on possible future trajectories.

ChatGPT identifies two variables influencing the performance of the S&P 500.

The amazing AI bot responded to our inquiry by stating that the S&P 500's outlook for the end of 2023 depends on a number of variables, chief among them being the Fed's interest rate policy and the longevity of the current AI expansion.

However, the Fed's recent comments, which alluded to its intention to keep interest rates "higher for longer," may put pressure on stock values and even divert investors' attention to other assets.

ChatGPT's forecast

The S&P 500 has historically exhibited a tendency to move upward, according to historical stock market performance, which is one of the reasons why ChatGPT offered two scenarios in its hypothetical 2023 end forecast.

The OpenAI chatbot expressed optimism, stating that "there is a potential for the S&P 500 to maintain its upward trajectory" if the AI boom keeps acting as a catalyst and US corporate earnings continue to rise.

However, the S&P 500's growth could be hampered if other economic headwinds materialize, such as a major decline in the IT sector, instability in the world economy, or a more aggressive tightening of monetary policy by the Federal Reserve.

The AI tool continued, "In this scenario, the index might see more moderate gains or even a decline, ending the year around 4,300 or lower."

In summary

All things considered, ChatGPT might offer helpful insights about cryptocurrency market assets, but as the bot itself pointed out, it is still an AI platform and cannot forecast or speculate on the future. Because of this, it is still essential to conduct independent research before making a sizable financial commitment to any of the listed assets.

Notice: Nothing on this website should be construed as investment advice. Investing is a risky endeavor. Investing involves a risk to your capital.

Thanks for your time

All images are credited to coinmarketcap.com