We asked ChatGPT whether Bitcoin will be the best performing cryptocurrency in 2024.

TL; DR

Bitcoin (BTC) has seen a significant increase in value since the start of 2023, rising from an estimated $16,500 to around $34,500, amid speculation that it will rise into next year. Factors affecting Bitcoin's potential performance include increased market adoption, regulatory changes such as the Spot BTC ETF by BlackRock, technological advances, competition from other cryptocurrencies, and market sentiment. Economic conditions, such as the Federal Reserve's interest rate policies, are also critical, showing the impact of macroeconomic conditions on prices, with Bitcoin's price rising to nearly $36,000.

The largest cryptocurrency by market capitalization and the most popular worldwide – Bitcoin (BTC) – has been on a tear since the beginning of 2023. At the beginning of the year, the price was approximately $16,500 (per CoinGecko), currently hovering around $34,500.

As such, we asked ChatGPT whether the growth is likely to continue next year and whether BTC is the best performing crypto asset.

The AI-powered language model assumes that there are several important factors that can influence this growth, with market adoption at the top of the list.

“If Bitcoin continues to gain adoption by individuals, businesses, and institutions, its price may rise, affecting its performance,” ChatGPT explained.

Control environment can also be an important part. For example, the approval of BlackRock's app Spot BTC ETF to launch could generate general excitement in the industry and increase the value of the underlying digital asset.

Technological developments, the performance of Bitcoin's competitors and market sentiment must also be taken into account.

Last but not least, Chatgpt lists economic conditions as a critical factor. Recall that BTC recently surged to $36,000 (the highest level in 18 months) after the US Federal Reserve hit the pause button on its interest rate hike policy.

Those interested can watch our video below to see how the property goes according to some celebrities: