In May 2020, Shrimpy set out to examine how machine learning procedures would fare against strategies such as market cap indexes. Machine learning tools mainly employ statistical techniques that establish a digital currency's trading system.
Therefore, Shrimpy prepared a 20 week period for this exercise and continuously updated any visible performance change within that time. The updates showcased every decision made, a summary of how specific trades affected the portfolio, and a comparison of diverse strategies.
After concluding the case study, trader's interests grew tremendously as they anticipated to know more on crypto price predictions using the machine learning services at Shrimpy.
The Most Effective Machine Learning Products
Shrimpy
Although Shrimpy primarily focuses on developing automated portfolio management tools, that did not prevent the team from creating innovative machine learning services as well.
Shrimpy Developers offers an extensive set of price-prediction models that forecast the potential price performance of cryptocurrencies by using 30 days worth of market data from exchanges. Users can request predictions for individual trading pairs since Shrimpy trains each one separately, which means that they provide access to around 6,000 individual models in total.
All models update their predictions on a daily basis after incorporating new market data. It is worth noting that the models support up to 14 leading crypto exchanges, such as Coinbase, Kraken, Binance, etc.
Apart from price predictions, users can also request trend predictions that determine whether an asset might behave in a bullish, bearish, or neutral manner in the near future.
Both features work by sending API requests to Shrimpy’s Developer interface, which also supports trading bots, portfolio tracking, portfolio rebalancing, data analytics, backtesting, and a plethora of other trading tools.
Into the Block
ITB runs as an intelligence company on the frontline to provide customers with insights about crypto assets. The platform leverages a deep neural network capable of coming up with a generalized decision of the market.
However, despite deep neural being an effective way of predicting the prices of digital assets, it contains various downsides such as high scaling costs and complex abilities to build and interpret them.
ITB utilizes the insights data to produce hourly price shifts, on-chain signals, and exchange market momentums. Looking into their accuracy rates, ITB's prediction accuracy ranges around 47-60%.
Nomics
Nomics is a data provider network that adopts long/short-term memory machine learning mechanisms to predict a digital currency's future price.
The ML tool created uneasiness amongst traders as it produced inaccurate predictions after launching a 7-day price prediction analysis.
Nevertheless, even with the concerns, averaging portfolios with diverse digital assets together resulted in remarkable market performance.
The TIE
The TIE deploys a distinct method to predict the price of cryptocurrencies, which entails using social opinions or sentiments. Simply put, instead of using raw market data, the TIE looks into secondary data relayed by corporate action feeds, statistical analysis, and Twitter social sentiment examinations.
Interestingly, the ecosystem evaluates more than 850 million tweets in real-time to design a portfolio strategy that predicts the market's price movements. In terms of effectiveness, the Tie has seen a 128% surge in performance level since the beginning of 2020.
Additionally, the Tie managed to conquer eToro's ecosystem as the best performing copy account with assets under management exceeding the $50k mark.
Shrimpy Academy
This spring, Shrimpy has finally unveiled its educational portal known as Shrimpy Academy.
The Shrimpy Academy is a place where newcomers have the chance to grasp complex cryptocurrency and blockchain concepts, which traditionally tend to pose a challenge to most individuals due to their complexity.
Understanding that online crypto resources are often scattered and disorganized, Shrimpy decided to build a unique platform that makes it easy for even the latest market participants to find their place in the decentralized market. As a result, Shrimpy Academy solves this issue by splitting up core crypto fundamentals based on their level of difficulty. Such a design provides readers with a directional and intuitive approach to crypto.
Specifically, Shrimpy divides its contents into beginner, intermediate, and advanced lessons.
More on How the Platform Works
By partitioning the difficulty levels into three, novice users will have an overview of the basics surrounding blockchains. Intermediate users get more engaged in understanding technical blockchain features and indulge in cryptocurrency trading and investments.
Users in the advanced category will take a deeper approach to blockchain education. Essentially, the advanced bracket is made for serious learners who wish to become experts and master even the most complex concepts.
Shrimpy Academy also categorizes its topics, which include Bitcoin and blockchain, Ethereum, altcoins, trading, and exchanges.
To celebrate the beginning of Shrimpy Academy, the team brings you a free 28-page handbook covering every topic associated with decentralized finance (DeFi). The book is available in PDF form and helps readers with wrapping their heads around diverse DeFi concepts such as governance models, decentralized exchanges, lending protocols, and yield farming platforms.
Shrimpy Academy hopes to make the learning experience even more convenient in the future by compressing its existing articles into bite-size pieces that are fit for progressional studying lessons.
The main Shrimpy platform is a portfolio management platform for digital currencies that allows crypto traders to automate their portfolios, utilize crypto bots, and manage assets held on multiple exchanges all from one platform. Copy trading is another notable feature on Shrimpy that enables users to copy the strategies of leading crypto investors.