Key takeaways
- BET hits $20 million daily volume, but Polymarket maintains market dominance.
- Cryptocurrency prediction markets have seen a 740% growth in volume and a 1,500% growth in users by 2024.
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Solana BET Based Prediction Market exceeds $20 million in daily volume on August 29, but failed to sustain the volume spike the following day. Meanwhile, Polymarket watch more than ten times the trading volume of BET on August 30.
BET is a prediction market launched by Drift Money Market on August 17. So, recording a significant daily trading volume in less than two weeks after its launch is no small feat. Polymarket has only crossed this threshold 10 days out of 90 since May 30.
Yet BET’s daily trading volume is now less than $500,000, while Polygon-based Polymarket is close to $6 million. This comparison can be used to gauge how long BET would have to travel to gain relevance among crypto investors.
Additionally, Polymarket data on the US presidential election has been added Yesterday, the infamous Bloomberg Terminal announced that the amount of bets on the election outcome has exceeded $766 million on the Polygon-based prediction market.
Significant annual growth
The cryptocurrency prediction market industry has seen substantial growth in 2024. Analyzing data from Polymarket, its monthly trading volume has increased by approximately 740% this year, from $54.1 million in January to $454 million currently.
It is worth noting that the amount of transactions recorded in August constitutes the new historical record of the platform, representing an increase of almost 70 million dollars compared to July.
Growth is also seen in the number of users, which stood at 4,097 in January and now exceeds 61,500. This represents 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 for 3 out of 35 weeks in 2024.
This dominance is also reflected in the number of users, as the number of traders on the platform interested in the US elections has been the majority since the last week of May.
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