The Polymarket prediction market for whether bitcoin will break $100,000 this year surged after the token breached a new all-time high.
As of 7:00 a.m. ET on Nov. 11, an individual share for "yes" on that prediction market cost $0.32. The same share reached $0.57 by 2:35 p.m. ET on the same day, reflecting a 78% increase. Bets on whether bitcoin will break $100,000 in 2024 surpassed $2.6 million in total trading volume with 57% odds of it occurring.
Bitcoin increased 8.1% in the past 24 hours to trade at $86,512 as of 2:44 p.m. ET, breaking the $85,000 mark around 1:30 p.m. ET on Nov. 11. The cryptocurrency saw $88.4 billion in trading volume in the past day, but in the same time span saw $193.17 million in liquidations, according to the crypto liquidations tracker Coinglass.
Polymarket is a decentralized prediction platform spearheaded by its founder and CEO, Shayne Coplan. By Nov. 11, Polymarket had amassed $6.01 billion in cumulative volume, largely spurred by predictions based on the United States 2024 presidential election between candidates Donald Trump and Kamala Harris.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
