· 2 min read

CoinMarketCap Launches ChatGPT Plugin to Simplify Crypto Analysis

CoinMarketCap's new ChatGPT plugin seeks to simplify crypto analysis by offering AI-driven insights / Image by Iryna Budanova, Adobe Stock

CoinMarketCap, the well-known cryptocurrency data platform, introduced a ChatGPT plugin on Tuesday, offering users a streamlined way to access complex crypto market analysis. 

The new feature leverages the capabilities of ChatGPT to offer real-time data and insights, adding a new tool to the toolbox of how we understand crypto analytics.

The initiative seeks to make crypto analysis more accessible and user-friendly by integrating AI-driven insights directly within the CoinMarketCap platform. This development marks the first time CoinMarketCap has ventured into the AI tools space.

What Can the ChatGPT Plugin Do?

The CoinMarketCap ChatGPT plugin brings together two tools: CoinMarketCap's crypto data repository and ChatGPT's LLM artificial intelligence capabilities. 

The plugin offers answers to questions about the crypto market, such as correlations between different cryptocurrencies and their performance over time. Users can activate the feature via the ChatGPT Plus subscription, available for $20 per month, and start utilizing it for detailed crypto analysis.

The ChatGPT plugin has a variety of functions. One use case is analyzing the performance of and spotting patterns in prices of different cryptocurrencies during important economic and social events.

For instance, the tool can check the Bitcoin price performance leading up to U.S. presidential elections or analyze the correlation between popular ERC-20 tokens and Ethereum. Essentially, the plugin serves as a go-to source for anyone seeking to engage in price prediction or leverage AI trading within the blockchain and crypto space.

How to Access the ChatGPT Plugin on CoinMarketCap

Accessing the ChatGPT plugin on CoinMarketCap is a straightforward process. Users need to head to ChatGPT's website, select the GPT-4 tab, and then click on "Plugins." From there, a search for "CoinMarketCap" will lead them to the installation steps. Once installed, the plugin can be activated within the GPT-4 tab, and users will see the CoinMarketCap logo, signaling that the feature is ready for use.

CoinMarketCap ChatGPT Plugin's Bitcoin Analysis
CoinMarketCap ChatGPT Plugin's Bitcoin Analysis

While the ChatGPT plugin marks CoinMarketCap's first foray into integrating AI for crypto analysis, it potentially sets the stage for further advancements in this field. With real-time, up-to-the-minute data provided by CoinMarketCap, users can expect increasingly precise insights, particularly as they continue to interact with the AI-driven tool

The plugin comes as part of the ChatGPT Plus subscription, which itself is expected to see more features added over time, enriching the scope of AI trading and crypto analysis.

The combination of CoinMarketCap and ChatGPT isn't just a one-off feature; it's indicative of a broader trend toward making complex financial data more understandable and accessible. By leveraging artificial intelligence, CoinMarketCap is offering a tool that could democratize access to detailed crypto analysis. 

It allows for a wider range of participants in the crypto market, from seasoned traders to newcomers, to make data-driven decisions without the steep learning curve traditionally associated with crypto trading and investment.