The post Polymarket Users Bet on Bitcoin Reaching $100k By Year’s End appeared on BitcoinEthereumNews.com.

As Bitcoin surpassed the $85,000 mark for the first time, the prediction market for whether an asset will reach $100,000 by the end of 2024 is pumping as well, reflecting the highest crypto greed levels in more than five months.  As of 12 am CET on November 11, the price of an individual “yes” share was $0.33. By 10 pm CET, the same share cost $0.62, corresponding to an 87% increase in odds for Bitcoin to hit the coveted $100,000 mark in less than two months. The total trading volume for the prediction market has already surpassed $2.7 million, with 62% odds of it occurring.  Polymarket is a cryptocurrency-based prediction market that generated a lot of buzz in the media due to the bets on the outcome of the US elections. The biggest  Donald Trump vs. Kamala Harris market has crossed the $3 billion mark, contributing to Polymarket’s explosive success. During the election campaign, the platform has been frequently quoted by media outlets as an alternative to traditional polling, based on the assumption that the wisdom of crowds more accurately reflects the actual sentiment when there’s skin in the game.  The broader crypto market took an unprecedented leap since the US elections, with Bitcoin soaring to $88,000 in the past 24 hours. Many in the community see Trump’s win as a positive turn for the crypto market, expecting changes in the SEC, a more favorable regulatory framework, and perhaps even a national Bitcoin reserve.  With virtually everything in the green on the market, the Bitcoin fear and greed index also shifted into euphoria. The crypto market sentiment indicator is currently in extreme greed territory after reaching 76, its highest value since June, signaling renewed optimism in the industry.  Most Polymarket users in the red In hindsight, Polymarket indeed fared better…

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Filed under: News - @ November 12, 2024 2:13 am