ChatGPT Analyzes Which Altcoin Will Perform the Best by 2024s End (Hint: its Not Ripple (XRP))
TL;DR
- ChatGPT highlighted Ethereum (ETH) as the leading contender for a strong rally in the following months (among the altcoins).
- Somewhat surprisingly, the chatbot did not include Ripple (XRP) as one of the potential gainers.
The Full List
2024 has so far been quite successful for numerous alternative coins, whose prices soared substantially. Despite the wobbly condition of the crypto market as of late, multiple analysts believe the altcoin season might be just around the corner.
As such, we decided to ask ChatGPT which digital currencies, apart from bitcoin (BTC), have the best chance to thrive in the remaining months of the year.
The AI-powered chatbot started the prediction with a disclaimer that a potential bull run is highly speculative and relies on positive market sentiment, technological developments, regulatory environment, and other factors.
It later outlined six altcoins that could perform the best until New Years Eve, starting with the biggest in terms of market capitalization Ethereum (ETH):
Due to its widespread use in DeFi, NFTs, and smart contracts, it remains a leading contender. Ethereum has the potential for a strong performance in the remaining months of 2024, but the outcome will largely depend on the interplay between technological progress, market sentiment, and macroeconomic conditions.
The chatbot moved on, touching upon Solana (SOL) and Polkadot (DOT). It highlighted Solana for its high-speed and low-cost transactions, claiming that further progress in its ecosystem could benefit the price of the native token. For its part, Polkadot focuses on interoperability between different blockchains.
Polkadots unique architecture allows different blockchains, called parachains, to run in parallel and interoperate. As more parachains go live and launch their mainnet functionalities, it could attract more developers, projects, and users to the Polkadot ecosystem, driving demand for DOT, the prediction reads.
Chainlink (LINK), Cardano (ADA), and Avalanche (AVAX) are the remaining altcoins. According to ChatGPT, Cardanos potential surge will mainly depend on the successful implementation of vital upgrades within the ecosystem.
The next is the Chang Hard Fork, which focuses on complete decentralization and community-driven governance. While it was initially set to go live on the mainnet on August 27, it was later rescheduled for September 1.
The Missing One
It is worth mentioning that ChatGPT did not include Ripples XRP in its list of potential gainers for the near future. The asset was worth around $0.61 on January 1, 2024, while currently, it trades at around $0.58, representing a 5% decline year-to-date (YTD).
XRPs price has been primarily affected by developments surrounding the legal battle between Ripple and the US SEC.
For example, it soared by 20% at the start of August when Judge Torres ruled that the company must pay a $125 million penalty for violating certain securities laws. Numerous industry participants interpreted the decision as a major victory for the firm, considering that the fine is just a fraction of the regulators initial request for $2 billion.
Both parties have until early October to appeal the ruling. It will be interesting to see whether any of them will proceed with such a move and whether it will trigger enhanced volatility for XRP.
The post ChatGPT Analyzes Which Altcoin Will Perform the Best by 2024s End (Hint: its Not Ripple (XRP)) appeared first on CryptoPotato.
Text source: CryptoPotato
