CoinMarketCap is one of the leading platforms to track and analyze cryptocurrencies. They are constantly introducing new helpful features like the ICO or Airdrop calendar recently. The newest tool on CoinMarketCap is the CoinMarketCap cryptocurrency price prediction and estimates tool.
The price prediction tool is a new feature on CoinMarketCap that enables its users to provide the price predictions and estimates for their favorite crypto assets. So instead to jump in some Telegram groups to ask for price predictions like a degen you can now simply navigate to the price prediction tool on CoinMarketCap.
You will find the new Price Prediction and Estimates tab on every asset detail page on CoinMarketCap. Right now, the feature is open for all assets listed on CoinMarketCap.
The prediction statistics for the next six ends of months are displayed but only in case that there are more than 30 submissions for each month-end. If there are less than 30 estimates submitted, the statistics will not be visible due to the lack of sample size for us to perform data cleaning processes like filtering outliers and extreme values. The more users are using this tool, the more accurate the predictions will be. It´s the wisdom of the crowd.
Predictions data are also summarized in the charts to show the estimated trend and the distribution of submissions.
In order to access the prediction data, users need to submit their estimates in the new Price Estimates tab. You need to be logged in to your CoinMarketCap account. If you don´t have an account on CoinMarketCap, you can create one by simply verifying your email.
You can edit your submitted predictions anytime by clicking on the Edit button before the cut-off date of every month. The cut-off date of every month is the 21st of each month for the respective month-end.
As a data aggregator, CoinMarketCap will process the collected information. For this evaluation process, CoinmarketCap is using a 1.5 x IQR (interquartile range) as the main method to remove outliers. However, the new prediction and estimates tool is still in its beta phase. CoinMarketCap is also testing and exploring other methods such as clustering to produce more meaningful statistics and to avoid any hostile data pollution.
CoinMarketCap also removes certain extreme values case-by-case based on the predicted asset.
Furthermore, CoinMarketCap calculates the historical estimate accuracy by comparing the volume-weighted average price of the month-end date with the estimated average to provide more transparency.
My Final Conclusion
My final conclusion is that only degens ask for price predictions in cryptocurrency Telegram Groups. Experts, on the other hand, are using the new price predictions and estimates tool on CoinMarketCap.
I hope that I could provide you with some interesting and useful information about the new price prediction tool on CoinMarketCap.
Thank you guys as always for reading, liking, following, and tipping 👍