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Polymarket open interest rebounds as August eyes new record volume

Polymarket open interest rebounds as August eyes new record volume

GrafaGrafa2024/08/19 06:45
By:Isaac Francis

Polymarket, a leading blockchain-powered predictions platform, is on track to potentially break its previous monthly volume record set in July. In July, Polymarket achieved its highest monthly volume to date, totaling $387.01 million. 

However, August is shaping up to challenge this record, having already captured $263.35 million in volume from August 1 to August 18, with 13 days still remaining in the month.

Data from theblock.co indicates that August is on course to become the second-highest volume month for Polymarket in the past year. 

The number of active traders has also been increasing, with 41,210 active traders in August, which is 92.56% of July’s peak of 44,520. 

This figure has already surpassed the number of active traders in every other month of the past year.

Polymarket’s open interest, which had dropped sharply during the market turmoil on August 5, known as ‘Black Monday,’ has since rebounded. 

Open interest fell from $90.39 million on August 5 to $65.94 million by August 7, but has steadily climbed back up, reaching $84.89 million on August 17. 

This recovery in open interest suggests a renewed confidence among traders.

In terms of cumulative monthly volume, August has already surpassed July’s total, recording $1.31 billion compared to July’s $1.05 billion. 

However, the number of new markets created in August remains lower than in previous months, with 810 new markets compared to 1,260 in July and 897 in June.

As Polymarket continues to experience strong growth and heightened activity, the next few weeks will be crucial in determining whether this upward trend will continue or if it will plateau. 

The platform’s response to ongoing economic and political events, as well as its ability to attract and retain traders, will be key factors in sustaining its position as a dominant player in the predictions market.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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