2023 has been a fantastic year for the cryptocurrency market while recovering from 2022’s bear market. Now, 2024 is just around the corner, with investors expecting a continuation of the bull market.
With that in mind, Finbold turned to ChatGPT’s AI, looking for valuable insights on promising cryptocurrencies for the next year. Interestingly, we used the latest available model from OpenAI, GPT-4 Turbo. In particular, the NanoGPT chatbot allows for crypto payments per each prompt and generated output.
At first, ChatGPT named Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as the three promising cryptocurrencies for 2024. However, these are already among the top four projects by market capitalization, and we wanted the AI to go further. Therefore, here is what we asked in the second request:
Picks for you
You are a financial analyst. Pick 1 promising cryptocurrency to invest in for the start of 2024 for three different investors’ profiles: Conservative, aggressive, and very aggressive. Focus on projects with good fundamentals, promising demand, and relatively low valuation as for your last data (disclosure when this data is from).
— Prompt by Finbold
ChatGPT promising cryptocurrency picks for 2024
The artificial intelligence explained that its last data is from early 2023 and recommended caution for investors. Still, the ChatGPT-4 Turbo model picked Cardano (ADA), Algorand (ALGO), and Horizon (ONE) as promising cryptocurrencies for 2024.
Conservative Investor: For a conservative investor looking for a lower valuation but good fundamentals in the crypto space:
- Cardano (ADA): Cardano prides itself on a research-driven approach to design and aims to create a more balanced and sustainable ecosystem. It supports smart contracts and offers features similar to Ethereum but emphasizes a more secure and scalable infrastructure. Cardano has a large community and has been positioning itself as an environmentally friendly option due to its proof-of-stake consensus mechanism.
Aggressive Investor: An aggressive investor looking for a blend of potential demand and reasonable valuation might look into:
- Algorand (ALGO): Aiming to compete with Ethereum in terms of smart contracts and decentralization, Algorand prides itself on its high-speed transactions and low fees. It uses a unique consensus mechanism known as Pure Proof of Stake (PPoS) and is designed to handle high volumes of transactions, making it a promising option for enterprise and financial applications.
Very Aggressive Investor: For a very aggressive investor seeking higher risk and potentially greater reward:
- Harmony (ONE): Harmony focuses on scaling blockchain without compromising on decentralization and security. It has implemented sharding, which allows for high throughput and low latency. Harmony’s mainnet hosts various decentralized applications, and its token has been used for governance and transactions. As an emerging project, it may present significant growth potential, but also carries higher risks.
All things considered, these models are not fail-proof, and ChatGPT’s picks should not be taken as investment recommendations. Notably, the models are limited to publicly available data and content, reproducing all that in a summarized way, prone to make mistakes.
Investors must always do their own research and understand what they are investing in to make profitable decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
