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Polymarket Hits Record High in December Active Traders: 2024 Report
The prediction market platform, Polymarket, has reportedly achieved a record high in December with regards to active traders, despite experiencing a decline in trading volume. According to Dune data, the platform’s total trading volume has dropped significantly from October and November, standing at $1.7 billion as of December.
A notable trend observed is that open interest has plummeted by over 75%, falling from nearly $500 million ($474 million) to a current valuation of approximately $117 million. This considerable drop can be attributed to the platform’s earlier surge in popularity during the U.S. presidential election, where it allowed users to profit from betting on political outcomes as Donald Trump’s popularity increased.
Notwithstanding the decline in trading volume, Polymarket has seen an extraordinary increase in new account creation, with over 231,556 accounts generated this December alone. This staggering figure indicates a remarkable growth for the platform, particularly in terms of user engagement and active participation.
The statistics also reveal that the platform has witnessed its highest number of daily traders on December 26, with over 55,000 participants. This significant surge can be seen as an indicator of the immense interest displayed by investors in the platform’s capabilities to provide a unique way to engage with the cryptocurrency market through predictive markets.
It is noteworthy that Polymarket has also seen a shift in user predictions regarding Bitcoin’s price. An astonishing 20% of bettors now anticipate Bitcoin will reach $90,000 by December, following the earlier majority prediction that it would hit $100,000.
Source: www.cryptonewsz.com
