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ChatGPT defies bear market: Record gains for AI cryptos

Mon 12 Jun 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Blockchain

The conversational AI, ChatGPT, is an unprecedented technological revolution. Since its launch, this artificial intelligence has been setting one record after another. The crypto sector is not immune to this momentum.

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41% growth for AI crypto projects thanks to ChatGPT

Since its operationalization in November 2022, ChatGPT has been a true tsunami in terms of adoption. In just five days, the platform has attracted over a million daily users. By January 2023, the total reached 100 million monthly users, and it could surpass one billion users today.

The numbers speak for themselves: ChatGPT is more than just popular. And this popularity is particularly noticeable in the crypto sector. This is demonstrated by a recent study conducted by Blockchain Research Lab, a crypto research institute based in Germany.

According to the firm, ChatGPT has had a resounding impact on AI-focused crypto projects since its launch. Overall, Blockchain Research Lab reports a 41% increase in the performance of these projects.

ChatGPT launch had a significant impact on the performance of AI-related crypto-assets, despite the overall cryptocurrency market being in a bearish state and risk-averse investor appetites. Using synthetic difference-in-differences, we found average price increases of at least 10.7% (35.5%) in the one-month (two-month) period following the launch,” the report notes.

It further adds, “Results demonstrate that AI-assets exhibited positive average treatment effects (ATTs) of 10.7% to 15.6% (35.5% to 41.3%) in the one-month (two-month) period following the ChatGPT launch.

According to Blockchain Research Lab, these results are closely linked to investors’ perception of AI-focused crypto initiatives.

As a result, several users are now more convinced of the potential of AI-based crypto projects than ever before, despite the ongoing bear market. Not to mention that the educational capabilities of ChatGPT have supported this trend.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.