Cryptocurrency Price Prediction with Convolutional Neural Network and Stacked Gated Recurrent Unit

Chuen Yik Kang, Chin Poo Lee () and Kian Ming Lim
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Chuen Yik Kang: Faculty of Information Science and Technology, Multimedia University, Melaka 75450, Malaysia
Chin Poo Lee: Faculty of Information Science and Technology, Multimedia University, Melaka 75450, Malaysia
Kian Ming Lim: Faculty of Information Science and Technology, Multimedia University, Melaka 75450, Malaysia

Data, 2022, vol. 7, issue 11, 1-13

Abstract: Virtual currencies have been declared as one of the financial assets that are widely recognized as exchange currencies. The cryptocurrency trades caught the attention of investors as cryptocurrencies can be considered as highly profitable investments. To optimize the profit of the cryptocurrency investments, accurate price prediction is essential. In view of the fact that the price prediction is a time series task, a hybrid deep learning model is proposed to predict the future price of the cryptocurrency. The hybrid model integrates a 1-dimensional convolutional neural network and stacked gated recurrent unit (1DCNN-GRU). Given the cryptocurrency price data over the time, the 1-dimensional convolutional neural network encodes the data into a high-level discriminative representation. Subsequently, the stacked gated recurrent unit captures the long-range dependencies of the representation. The proposed hybrid model was evaluated on three different cryptocurrency datasets, namely Bitcoin, Ethereum, and Ripple. Experimental results demonstrated that the proposed 1DCNN-GRU model outperformed the existing methods with the lowest RMSE values of 43.933 on the Bitcoin dataset, 3.511 on the Ethereum dataset, and 0.00128 on the Ripple dataset.

Keywords: cryptocurrency price prediction; price prediction; convolutional neural network; gated recurrent unit; CNN; GRU; Bitcoin; Ethereum; Ripple (search for similar items in EconPapers)
JEL-codes: C8 C80 C81 C82 C83 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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