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Polymarket and US elections: RECORD volumes in October
By Daniele Corno
October is a RECORD month. Polymarket near $2 billion in monthly volume traded, up 250% from September
Polymarket's growth
In the cryptocurrency sector , October is the month of records. In fact, the month is historically the best in terms of Bitcoin price performance . This year, however, the current month is confirmed as one for the Record for a much younger platform.
We are of course talking about Polymarket, the leading crypto platform for betting.
In the month of October alone, the platform has seen continuous records. Trading volumes on the platform are currently over $1.8 billion, up about 250% from the $530 million traded in September. October 24 was the peak day, with over $110 million traded, the second day with volumes exceeding $100 million.
Volume growth is also supported by the increase in active users on the platform. On the peak day of October 24, there were over 52 thousand active users on the platform. The growth is frightening when we consider the busiest day in September. In fact, on September 30, the previous month’s peak day, active users were only 12 thousand, just over a quarter of the best day in October.
Election betting drives gambling
In fact, the platform’s main activity focuses on betting related to the November 5 U.S.Election.
The platform currently odds a lead for the Republican candidate. In fact, Donald Trump’s victory is listed at 64 percent, compared to 36 percent against his main Democratic opponent, Kamala Harris. With 10 days to go before the election, bettors give Trump an advantage close to 30 percent, almost taking his election for granted, although, as we know, the platform is simply a betting center and does not fully reflect the ideology of eligible Americans.
In all, betting currently has reached a traded volume close to $2.5 billion, highlighting theenormous growth Polymarket has experienced as a result of betting related to the U.S. election.
