ChatGPT defies bear market: Record gains for AI cryptos
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.
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.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weeklyservice so you don't miss any of the essentials of Cointribune!
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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.