Polymarket’s December Trends

Polymarket was one of the most talked-about ventures of 2024. In December, despite achieving its highest number of active traders, the project faced a slight setback.

According to Dune data, Polymarket has recorded a total trading volume of $1.7 billion in December so far, showing a decline from $2.28 billion in October and $2.577 billion in November. The platform has also seen a significant drop in popularity, as open interest declined by over 75%. Nevertheless, the platform achieved its highest number of active traders in December.

Record Highs in December

In December, Polymarket reached a record of 309,228 active trading users, with 231,556 new accounts created. Notably, the platform experienced its highest daily trader count on December 26, surpassing 55,000 participants.

The remarkable growth of Polymarket has been one of the notable highlights in the cryptocurrency world for 2024.

November Peaks

Previously, Polymarket thrived during the U.S. presidential elections in November. On November 6, trading volume hit an all-time high of $367 million as vote counting began. The platform gained traction by allowing users to profit from betting on political outcomes, particularly with Donald Trump’s rising popularity.

Open interest peaked at nearly $500 million ($474 million), but has since fallen to $117 million, indicating a substantial decline.

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

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