Key points
- BET reached a daily volume of $20 million, but Polymarket maintains market dominance.
- Cryptocurrency prediction markets saw 740% volume growth and 1500% user growth by 2024.
Share this article
Solana BET-based prediction market surpassed On August 29, Polymarket recorded a daily volume of $20 million, but failed to maintain the volume increase the next day. Meanwhile, Polymarket It is showing more than ten times the trading volume of BET on August 30.
BET is a prediction market launched by money market Drift on August 17. Therefore, recording a significant amount of daily trading volume in less than two weeks after launch is no small feat. Polymarket has only crossed this threshold in 10 out of the 90 days since May 30.
However, BET’s daily trading volume is below the $500,000 mark at present, while Polygon-based Polymarket is at nearly $6 million. The comparison can be used to gauge how far BET needs to go to gain more relevance among crypto investors.
Also, Polymarket’s US presidential election data was added Yesterday, on the famous Bloomberg Terminal, the number of bets on the election outcome exceeded $766 million on the prediction market based on Polygon.
Significant annual growth
The cryptocurrency prediction market sector has seen substantial growth in 2024. Analyzing data from Polymarket, its monthly trading volume has increased by approximately 740% this year, rising from $54.1 million in January to $454 million today.
It is worth noting that the trading amount recorded in August is the platform’s new all-time high, representing a jump of almost $70 million compared to July.
The growth is also reflected in the number of users, which in January totalled 4,097 and now exceeds 61,500, representing an annual growth of 1,500%.
The key factor driving activity in prediction markets is the US election, as the topic dominated weekly trading volume on Polymarket in 3 out of 35 weeks in 2024.
This dominance can also be seen in the number of users, as the number of traders on the platform interested in the US elections has represented the majority since the last week of May.
Share this article
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.