1. A method for compressing at least one floating point number, comprising the steps of: obtaining said at least one floating point number comprising a sign, an exponent at a given base and a significand; applying a default prediction algorithm and at least one other distinct prediction algorithm to said obtained at least one floating point number to generate a plurality of predictions; determining a residual for each of said plurality of predictions based on a difference between said plurality of predictions and said at least one floating point number; determining a bit savings estimate for each of said plurality of predictions based on a difference between an exponent of each said plurality of predictions and an exponent of said residual for each of said plurality of predictions; selecting, using at least one processing device, a given one of said default prediction algorithm and said at least one other distinct prediction algorithm for encoding said at least one floating point number based on said determined bit savings estimate for each of said plurality of predictions; and encoding, using the at least one processing device, said at least one floating point number by encoding one or more of said determined residual associated with said selected prediction algorithm and said determined bit savings estimate associated with said selected prediction algorithm.