The New Price Prediction and Evaluation Tool from CoinMarketCap

CoinMarketCap is one of the leading cryptocurrency tracking and analysis platforms. They recently introduce new useful features like ICO or Airdrop calendar. CoinMarketCap's newest tool is the CoinMarketCap cryptocurrency prediction and valuation tool.

The price forecaster is a new feature of the CoinMarketCap, which allows its users to provide price predictions and ratings for their favorite crypto assets. So instead of jumping into some Telegram groups to ask for price predictions like degen, you can now just go to CoinMarketCap's price prediction tool.

You'll find the new price prediction and valuations section on every asset detail page on CoinMarketCap. The feature is currently open to all assets listed on CoinMarketCap.

Forecast statistics for the next six month ends are shown, but only if there are more than 30 submissions for each month. If less than 30 ratings are submitted, the statistics will not be visible due to the lack of sample size for us to perform data cleaning processes such as outlier and extreme value filtering. The more users use this tool, the more accurate the predictions will be. This is the wisdom of the crowd.

Forecast data is also summarized in charts to show the forecast trend and distribution of requests. 

To access the forecast data, users must submit their ratings in the new Price Ratings section. You must be logged into your account in CoinMarketCap . If you don't have a CoinMarketCap account, you can create one by simply verifying your email.

You can edit your submitted forecasts at any time by clicking the Edit button before the end date of each month. The end date of each month is the 21st for the corresponding end of the month.

As a data aggregator, CoinMarketCap will process the collected information. For this valuation process, CoinmarketCap uses 1.5 x IQR (interquartile range) as the primary method to remove outliers. The new forecasting and scoring tool is still in its beta phase. CoinMarketCap is also testing and researching other methods, such as clustering, to produce more meaningful statistics and avoid any hostile data contamination. 

CoinMarketCap also removes certain extreme values on a case-by-case basis based on the predicted asset. 

Additionally, CoinMarketCap calculates historical valuation accuracy by comparing the weighted average price on the end-of-month date to the forecast average to provide more transparency.  

My last conclusion

My final takeaway is that only nerds want price predictions in cryptocurrency Telegram groups. Experts, on the other hand, use CoinMarketCap's new price prediction and estimation tool.

I hope I could provide you interesting and useful information about the new price prediction tool of CoinMarketCap .

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