Michael Abetz
The latest tool to win the approval of crypto traders is Exorde Index. It provides the next-hour price evolution of cryptocurrencies based on social network sentiment, improving the profitability and endurance of a portfolio. New one-hour predictions come every fifteen minutes on the dashboard. In addition to that, it provides a broad set of innovative tools and functionalities that help traders make better decisions in the market.
Here’s a closer look at Exorde and how you can use it to hone your crypto portfolio.
Crypto Trading Simplified
At the heart of it, trading tests your knowledge of an asset and its market awareness along with your prediction skills. Passing the test is easier said than done, thanks to the enormous amount of data and the quick change of events in the market.
Traders find it hard to stay on top of the market, sieving out relevant pieces of metric and data points from a sea of information. It gets especially hard for beginner and part-time traders who don’t know what they’re doing. While there is a myriad of crypto trading and analytics platforms, few serve the purpose.
This is where Exorde steps in. The bitcoin-first platform simplifies crypto trading by crawling the entire web in full transparency to provide near-accurate price predictions. It uses Web3 technologies and the decentralized community to improve the speed and efficiency of the data.
Because of the amount of data collected and the price tracking, the models are trained to predict the evolution of cryptocurrency prices over the next hour (and soon over the next day). As a result, the index boasts high success rates. To give you more perspective, 60% of bitcoin predictions made by the tool since the implementation of the new model have been correct.
Powered by the Exorde Protocol
Exorde Index taps into the Exorde protocol, which scrapes the web in a decentralized way to collect large amounts of data. For example, the platform collected close to 3 million tweets per hour during the Testnet stage. It scans information from social media posts, press releases, news reports, photos, and videos to name just a few. After that, the information is processed in a decentralized system to create useful graphs and data points.
The output data graphs can be used for a wide range of analyses. A good example is the analysis of the propagation of a piece of information on the web. Here are a few other use cases:
- Monitor the virality of a piece of information and track its sources.
- Take trading decisions by seeing what is trending on the web
- See the propagation of the media you bought as NFTs.
Web Sentiments and Trends Captured
Social sentiment indicators analyze data collected from across the web and social media platforms to help you gauge how an asset is performing in the eyes of investors and traders. It not only helps you understand where the asset is heading, but also its competitive edge and community strength. Historical data about social sentiments, in particular, are very useful in devising a robust crypto trading strategy.
The price of cryptocurrencies is determined by social sentiments to a great extent. Sometimes more than their intrinsic value and project updates. So, it comes as no surprise that social sentiments are great tools for price prediction. Exorde uses social media sentiment to predict the future direction of prices by feeding it into the prediction model using Natural Language Processing (NLP).
The analysis allows traders to understand the industry’s attitude toward different coins. Over 28 categories of emotion are listed on the platform, including neutral, fear, greed, surprise, anger, and annoyance.
Exorde also makes use of the decentralized makeup of blockchain technology to provide real-time data without compromising on quality or transparency. You will find time-relevant information that will help you with a broad range of topics using Exorde, similar to how Google Trends allows you to track trends based on what user entries. As discussed above, this is made possible by an extensive system of web crawling for data that matters.
Strong Foothold in the Market
In a short space of time since its inception, Exorde has earned a wide range of high-profile backers, including Gate.io Labs, Insignius Capital, Palar Capital, Vespertine Capital, OXO Capital, SKALE, and DWF Labs. While that speaks for the credibility and market relevance of the project, there is more. According to Coinlist, Exorde was one of the top 7 cryptocurrencies to watch in Winter 2022. With more milestones ahead, 2023 is expected to be an even better year for Exorde and EXD investors.
More in the Pipeline
Exorde has more tools and functionalities lined up for the coming months. This includes a first-of-its-kind decision support platform that will give you price fluctuations for each token and a lot of sentiment-related data. Another interesting feature is special alerts, which will notify you about specific events. For example, a bitcoin dump in the next five hours as a result of a controversial tweet going viral.
The platform will also work on catering to people from around the world, not just the English-speaking demographics. That essentially means you will be able to analyze sentiments and topics of interest – by language, country, and source soon.
While Exorde Index is largely focused on short-term predictions in the early stages, it will move to medium and long-term predictions in the near future. The tools and functionalities will be expanded to diversify the user base to different categories of traders and holders.
Verdict – Is Exorde Worth the Hype?
Exorde Index is one of the most powerful crypto trading tools available on the market, as revealed by its host of features and prediction accuracy. It uses blockchain technologies to bring more efficiency to the crypto market, which is healing from a series of crashes that happened in 2022. The year threw light on the importance of intelligent investing and underscores the relevance of creative platforms like Exorde.
That said, Exorde Index only makes sense if the Exorde protocol has a sizable number of contributors who collect a lot of data. The huge data pool on Exorde Index renders the concern impotent for the time being, however. In addition, the current platform is a beta version that will improve over the coming months. As the protocol launches its Mainnet and rewards contributors with the EXD token, the data pool is expected to grow larger.
This article was written for Business 2 Community by Michael Abetz.
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