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Polymarket Hits Record High in December Active Traders: 2024 Report
The prediction market platform Polymarket has made a remarkable achievement by recording the highest number of active traders in December, despite witnessing a decline in trading volume compared to previous months. As per the latest data from Dune Analytics, the platform experienced an unprecedented surge in active users.
According to reports, Polymarket saw a significant increase in new accounts being created, with a staggering 231,556 fresh sign-ups in the past month. This influx of new traders has led to a record-breaking 309,228 active trading users, marking a first for the platform in December.
Interestingly, this growth comes on the back of a decline in open interest, which has dropped by over 75%. The sudden drop is attributed to a substantial reduction from nearly $500 million ($474 million) to a current figure of $117 million. This fall in open interest can be seen as a result of a decrease in trading volume, with Polymarket’s total trading volume decreasing from October’s $2.28 billion and November’s $2.577 billion to December’s $1.7 billion.
The platform experienced an extraordinary spike during the U.S. presidential election in November, when its trading volume reached an all-time high of $367 million on November 6. The sudden surge was largely attributed to users betting on political outcomes, particularly as Donald Trump’s popularity increased in the polls.
In a surprising turn of events, nearly 20% of bettors now predict that Bitcoin will reach $90,000 in December, following an earlier prediction that it would hit $100,000.
Source: www.cryptonewsz.com
