US Election Betting: Kalshi’s Rival Polymarket Gains Traction, Supasses $2 Billion

As the 2024 US presidential election approaches, the world of prediction markets is heating up, with platforms like Kalshi and Polymarket taking center stage. Due to speculation over the 2024 US presidential election, Polymarket’s trade volumes surpass $2 billion.

Let’s take a quick look at the hottest bets on both platforms right now –

Polymarket – 64% think Trump will win, meanwhile on Kalshi 61% are anticipating a Trump victory  

On Polymarket, when it comes to the question US government creating Bitcoin reserves in 2024? People think there is only 5% chance of that happening. Next, what price will Bitcoin hit in October? Here 51% voted for 70k. Another question is around Ethereum touching all time high in in 2024, where only 9% people thought there was a chance 

These platforms offer unique ways for participants to engage with political events through financial speculation, providing insights into public sentiment and expectations.

Moreover, Trump’s election odds rising alongside Bitcoin’s value hints at a wider impact on the crypto market. It underscores how politics can nudge investor sentiment and market behavior.

Read more: Donald Trump Surges Ahead on Polymarket as Crypto PAC Funding Goes Into Overdrive 

🚨 BREAKING: 🇺🇸 Pro-#Bitcoin Donald #Trump surges ahead with his most substantial lead yet in the election odds on #Polymarket, now towering at a 28.8% advantage. This shift isn't just a lead; it's a political earthquake! 🌋$BTC $ETH #SOL #Kamala #Crypto pic.twitter.com/ePCaDSMgoB

— TRACK CHAIN (@TrackChainHQ) October 22, 2024

Rise Of Prediction Markets, Betting Platforms 

Prediction markets allow users to place bets on the outcomes of future events, ranging from political elections to economic indicators. 

These platforms aggregate individual predictions to form a market-driven probability, which can offer a more dynamic and potentially accurate forecast than traditional polling methods.

Kalshi, a regulated exchange, has been at the forefront of this movement. It offers a variety of event contracts that cover a wide range of topics, including elections, economic data releases, and even weather events. Users can buy and sell positions on these contracts based on their expectations of future outcomes. 

Read more: America Bets Big on US Election: Polymarket Sees $100M in Bets 

Polymarket’s Emergence

While Kalshi established itself as a leader in the field, Polymarket is quickly gaining traction as a formidable competitor. Unlike Kalshi, Polymarket operates as a decentralized prediction market platform built on blockchain technology. 

Polymarket leverages blockchain to ensure transparency and security in transactions. This decentralization reduces the risk of manipulation and enhances user trust. By utilizing cryptocurrency for transactions, Polymarket provides access to a global audience without the barriers of traditional fiat currency exchanges.

Polymarket’s growth can be attributed to its ability to quickly adapt to market demands and its appeal to users interested in decentralized finance (DeFi). 

As more people become familiar with blockchain technology, platforms like Polymarket are well-positioned to capture a significant share of the prediction market space.

Just last week, Polymarket gave Trump as much as an 8-point lead. Clearly, the market anticipates a devastating Trump victory.

Read more: These Are The 3 Hottest Bets On Polymarket Right Now 

Polymarket’s innovative approach appeals to those interested in the future of decentralized finance.