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Polymarket Hits Record High in December Active Traders: 2024 Report
The prediction market platform Polymarket has achieved a remarkable milestone in the month of December, with a record high number of active traders. Despite witnessing a decline in trading volume compared to previous months, the platform’s growth has been nothing short of astonishing.
According to Dune data, Polymarket has recorded a total trading volume of $1.7 billion so far in December, a significant drop from October ($2.28 billion) and November ($2.577 billion). However, this decline did not deter the platform from achieving its highest number of active traders ever.
In fact, Polymarket has seen a substantial increase in new accounts created, with 231,556 users signing up in December alone. This surge can be attributed to the platform’s unique offerings and increasing popularity.
One of the key highlights of this report is the significant drop in open interest. In November, it peaked at nearly $500 million ($474 million), but has now fallen to a staggering $117 million, representing a decline of over 75%.
Despite this dip, Polymarket still witnessed its highest number of daily traders on December 26, with an impressive 55,000 participants. This extraordinary growth is a testament to the platform’s resilience and adaptability in an ever-evolving market.
Polymarket’s previous success can be attributed to its unique approach to allowing users to profit from betting on political outcomes, particularly during the U.S. presidential election in November when trading volume reached an all-time high of $367 million on November 6. The platform gained significant traction as users flocked to bet on the outcome of the election, with Donald Trump’s popularity steadily increasing in the polls.
In a surprising twist, nearly 20% of bettors now predict that Bitcoin will reach $90,000 in December, following a resolution of the earlier 75% prediction that Bitcoin would hit $100,000.
Source: www.cryptonewsz.com
