2024-10-15
Decentralized prediction market sector
experienced a remarkable surge in Q3 2024, with trading volumes increasing by
over 565%.
2024 Q3 Crypto Industry Report | CoinGecko
This growth is largely attributed to a
flood of bets on the outcome of the upcoming U.S. presidential election,
according to a report from CoinGecko on October 14.
The report highlights that the total
volume across the top three prediction markets reached $3.1 billion in Q3, increase from the $466.3 million recorded in the previous quarter.
Polymarket, a leading platform in the
sector, captured 99% of the market share in September. It saw its volume
skyrocket by 713.2% and transactions rise by 848.5% during the quarter.
Bets on the U.S. presidential election
have been a key driver, with $1.7 billion placed on the outcome since the start
of the year, accounting for nearly 46% of Polymarket’s total volume in 2024.
This massive growth in decentralized
prediction markets suggests that these platforms may offer a more accurate
gauge of public sentiment than traditional polling methods.
As the U.S. election approaches, the
prediction market space is expected to remain a hotspot for traders and
political analysts.
