Cryptocurrency market trend and direction prediction using Machine Learning: A Comprehensive Survey

Bitcoin was the first cryptocurrency introduced as a cryptographic proof-based electronic payment system in 2009. Till now approximately more than 10,000 digital coins are active in the crypto market. Cryptocurrency is a virtual digital asset that uses cryptography and blockchain technology for transaction verification and records maintenance. Its trading is gaining attention due to volatile behavior, decentralized nature, and liquidity in this digital asset. Trading this digital asset provides anonymity and security in transactions. Groundless fluctuations in its price contribute to making its trade risky. Market Prediction of the cryptocurrency is trending because it can reduce the trade loss risk. Data related to this market is vast and publicly available on the internet. It is nearly impossible to infer the market by simple data analysis. Statistical price prediction approaches are less effective due to the absence of seasonality in cryptocurrency market data. Therefore researchers proposed efficient price prediction techniques utilizing statistical, algorithmic, and neural network-based Machine Learning models. This paper provides a detailed literature survey related to the state-of-the-art Machine learning-based prediction methodologies for the market prediction of the digital asset from 2014 to 2022. This research will categorize, summarize, and review the existing research in cryptocurrency market prediction using Machine Learning classifiers. This paper will benefit researchers to be productive in the right direction in the future.