Ethereum Classic (ETC) is one of the few remaining proof-of-work (PoW) cryptocurrencies in the market, yet it has been largely overshadowed by its counterpart, Ethereum (ETH). The 2021 performance of ETC demonstrates that it still has the ability to attract investor attention, but it also lacks popularity compared to some of the other top cryptos. Now, can the power of artificial intelligence provide any insight into what the future holds for ETC?
ChatGPT, an AI algorithm developed by researchers at Microsoft, is advancing its language-based capabilities. I asked the AI to provide a detailed explanation of Ethereum Classic and its fundamentals, including why it is failing to gain mainstream adoption. ChatGPT responded that the lack of popularity could be attributed to its slow rate of development, low liquidity, and limited technical support.
AI also enumerated some of the advantages that Ethereum Classic possesses over Ethereum, such as its preference of proof-of-work consensus and its less strict regulations. However, despite all the strengths of ETC, Can the AI provide accurate price predictions? I decided to ask for predictions for the price of ETC reaching Ethereum’s press time price at $1,900. Unfortunately, the response was not based on any price pattern analysis, but rather on the current condition of the coin and the market. The AI suggested that if ETC sees extended rallies in the short term, it could range between $33.24 and $37.27.
The ChatGPT AI certainly has a lot of potential and can provide valuable insight on a lot of topics. However, when it comes to predicting the future price of Ethereum Classic, AI might not be the best tool yet, and conducting your own fundamental analysis and research will be necessary. For example, the recently activated Shapella Upgrade allows Ethereum stackers to withdraw their tokens, a move that has had a positive effect on the price of ETC.
As for the person mentioned in this article, Microsoft researcher and AI developer ChatGPT recently released its latest AI algorithm that can understand natural language and respond to queries from humans in an informed way. As for the company mentioned in this article, Microsoft is a tech giant that provides services such as cloud computing and AI development. Microsoft also continues to innovate, launching new products such as ChatGPT.
