AMBCrypto, a crypto information, and data website has launched its AI and ML-based price prediction model recently with the aim of creating a model using different data points that can give a possible price direction for various cryptocurrencies thereby removing the human element involved in predictions.
The crypto space is unpredictable and extremely volatile. There are a lot of variables that come into play when making trading decisions, and it can get quite overwhelming for novice users and investors to keep up with the 24X7 price movements and external influences when deciding whether to buy or sell their coins and tokens.
While price prediction models and algorithms in the crypto market are not rare, a lot of them rely heavily on sentiments or are written by humans. Using a scientific approach with AI and ML-based algorithms helps to create a model that uses various data points and can give a possible price direction for various cryptocurrencies.
The prediction model is still in its beta phase and although initially, it started out with a 15% accuracy rate, it has reached over 30% accuracy in its predictions. AMBCrypto is constantly working on tweaking the model and making it more precise over time.
AMB’s scientific approach to price predictions
The price predictions are done using sophisticated models that take different data points to come up with a result and since they are ML-based, they keep learning and improving themselves as more and more data becomes available.
Mean absolute error is also being used to measure the average magnitude of the errors in a set of predictions to further improve the model.
Traders and investors get unbiased machine-based price points using these predictions rather than depending on their own emotions. Additionally, the ML models can further create some other models that can help traders in their daily tracking.
Other data points like Volume, 24H start and close points, Marketcap, and past history are also being used for the ML models for deep learning.
Fine-tuning for accuracy
AMBCrypto plans to fine-tune the model in the coming days as it will keep correcting and learning by itself. Being one of the first among the few players in the space who launched a scientific crypto price prediction model, the platform is working on keeping an accuracy log to check and improve both the AI and ML models.
The platform is looking to create a separate model for each coin in the future to make sure that the base model can learn from a single coin’s price behavior instead of learning from each one and then predicting it.