BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Polymarket Hits $463M Open Interest Amid Election Betting Frenzy

by Sham
November 5, 2024
in BUSINESS, CRYPTO, POLITICS
Reading Time: 3 mins read
A A
2
SHARES
30
VIEWS
Share on XShare in TelegramShare on Reddit
  • Polymarket recorded $174 million in daily trading volume on Election Day, breaking its previous high and setting the stage for future growth.
  • Polymarket’s open interest reached $463 million on Election Day, marking a 40% increase from the previous week, underscoring its growing status as a pulse of political sentiment.
  • Industry analysts and crypto leaders suggest Polymarket’s influence will persist beyond the electoral sphere, with about 75% of its users engaged in non-political markets.

Polymarket saw unprecedented highs on Election Day this year, with open interest reaching $463 million as users flocked to bet on the high-stakes presidential race. This surge marked a 40% increase from the previous week, underscoring Polymarket’s growing status as a pulse of political sentiment.

JUST IN: Polymarket open interest has surged 40% on election day reaching record highs, peaking at $463 million with daily trading volume hitting $174 million pic.twitter.com/Fis3tonpR0

— BlockNews.com (@blocknewsdotcom) November 5, 2024

Record-Breaking Trading Volume

In addition to the record open interest, Polymarket registered $174 million in daily trading volume on Election Day, surpassing its previous record of $161 million set just the day prior. Analysts expect this momentum to continue going forward, particularly as Polymarket explores a potential token launch to further incentivize participation.

Sustained Growth Beyond Politics

While the Election Day surge highlights Polymarket’s role in the political dialogue, data shows sustained interest beyond just politics. According to Animoca Brands Research, trading volume has skyrocketed from $40 million in April to $2.5 billion in October, signaling engagement across diverse topics. In fact, about 75% of Polymarket users are betting on non-political subjects like sports and global events.

theblock.co

Long-Term Viability

Analysts emphasize Polymarket’s ability to navigate regulatory challenges and diversify its offerings as crucial to sustaining success. While political outcomes may impact regulatory sentiment short-term, the platform’s long-term trajectory appears resilient. As Bitwise CIO Matt Hougan commented, “Washington can’t stop crypto. It can alter the trajectory but it can’t stop it.” For now, Election Day 2024 stands as a defining moment for Polymarket, cementing its evolution into a high-profile player in betting.

Conclusion

Election Day marked record highs for Polymarket across key metrics like open interest and volume, underscoring its growing mainstream appeal. With sustained engagement beyond politics, Polymarket appears poised for long-term growth, cementing its status as an influential platform at the intersection of crypto and global events.

Tags: Animoca Brands ResearchBitwiseMatt HouganPolymarket
Tweet1ShareShare
Previous Post

Mt. Gox Moves $2 Billion in BTC Amid 2025 Repayment Delay

Next Post

Here is What You Should Expect from the Altcoin Market After the 2024 Presidential Election

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit
FINANCE

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out
FINANCE

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody
FINANCE

Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.