Polymarket Hits Record High in December Active Traders

The prediction market platform Polymarket was one of the most talked-about ventures of 2024; however, in December, the project experienced a slight setback despite achieving its highest number of active traders.

According to Dune data, Polymarket has recorded a total trading volume of $1.7 billion in December so far, marking a decline from October ($2.28 billion) and November ($2.577 billion). However, the platform has faced a significant drop in popularity, which is evident by open interest declining by over 75%. However, the platform has seen highest number of active traders in December.

Polymarket’s December Trends

Despite the decrease in trading volume, Polymarket achieved a record high of 309,228 active trading users in December, with 231,556 new accounts created. Polymarket also witnessed its highest number of daily traders on December 26, with over 55,000 participants.

Courtesy: Dune Analytics

The platform’s remarkable growth has been one of the most notable highlights in the cryptocurrency world in 2024.

Polymarket’s Highest Records in November

Polymarket previously thrived, basking in its success during the U.S. presidential election in November when trading volume reached an all-time high of $367 million on November 6, as vote counting began. The platform gained traction by allowing users to profit from betting on political outcomes, particularly as Donald Trump’s popularity steadily increased in the polls.

Courtesy: Dune Analytics

Open interest, which peaked at nearly $500 million ($474 million), has now fallen to $117 million, representing a substantial reduction.

Currently, nearly 20% of bettors predict that Bitcoin will reach $90,000 in December, following a resolution of the earlier 75% prediction that Bitcoin would hit $100,000.

Also Read: Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why

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