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What is CoinMarketCap trying to tell us about Bitcoin

By Ninidubr | Nikki's view | 4 Dec 2020

One of the most famous and best crytocurrency data websites in my humble opinion a few days ago started a competition.

The rules are simple:

  1. You have to be registered on Coinmarketcap. If you didn’t register by now, all you really need is an e-mail and a password.
  2. You have to own a verified Binance account, meaning you went through KYC because Coinmarketcap will deposit your reward on your Binance account in case you get lucky (or psychic). By now, having a Binance account is almost as common as having a Social Security number in your country, but just in case, here is my referral link:
  3. Make three predictions about when would Bitcoin hit $20 000; easy-peasy.

Enter three predictions of your own and hope for the best. Your first prediction cannot be within 24 hours of the moment when you are making it. You can automatically choose a date and an hour long time period.

Let’s say your first prediction is in two days, but you are not so sure it will happen so soon anymore. In that case you can press edit and change it. However, let’s say you’ve guessed it, but so did other people. The first place goes to the one who made the correct prediction first, second place to the one who placed it second, third place to the one who made the prediction third. All the others who’ve also made the right prediction share a price pool of $5500 evenly.

Prize pool includes:

First place: $2 000 in BTC

Second place: $1500 in BTC

Third place: $1000 in BTC

Others share price pool of $5500 evenly

The winning time slot will be the one when BTC reaches the price of $20 000 on Binance. That will also be the end of this competition. In case that BTC price doesn’t touch $20 000 mark, the competition ends on January 19th 2021 UTC.

Now that you know the rules, let’s discuss what all of this means.

There are only three scenarios I can think of:

The first one is BTC surpassing psychological magic number of $20 000 very soon as many agree is inevitable.

The second one is creating hype by sending subliminal message BTC will rise.

The third one is more out there, but I’ll share it anyway, someone (third party) with big bucks is paying for the hype and there are more reasons than one why someone would do that, but the most important reason is off course making profit one way or another (creating a bubble).

Coinmarketcap is a website dedicated on collecting as much data as possible about almost 4000 cryptocurrencies in the world. That alone is impressive. The website probably gains mostly from Ads, API, donations, referrals, meaning, the more users enter crypto world, the more users they’ll have solely because of their presence and usefulness. 95% of players out there, big or small, are bulls, meaning no one enters market thinking: “Oh, this is going down so I better put some money in there!” When you register on Coinmarketcap page, you too became a part of their vast contact pool. I personally want to get notified about new projects so in my mind it is a win-win situation.  

If you remember 2017, you remember the same hype, same optimism, and same astronomical predictions. Just remember, 2017 was great but as soon as 2018 kicked in a lot of us where bleeding. I do believe BTC will surpass the $20 000 mark very soon, and yes, a lot of things are different now, Coinmarketcap starting a pool about not ‘if’ but ‘when’ BTC will go higher is one of them. I think they’ve placed January 19th 2021 as end date just in case…

So, find your magic ball and place your three bets! Good luck!

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Nikki's view
Nikki's view

Sharing my taught through deep blue seas of internet about some of my passions gives me an opportunity to discuss views that matter to me and all of those who read. Since 2017 I am learning about cryptocurrencies as much as I can and all though I have economics MA I am still learning and trying to bring good decisions while trading with crypto. Through my blog I share my experience, learning curve, ups and downs hoping I'd make some difference!

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