Bettors Place Almost $100M on Polymarket on U.S. Presidential Election, Bullish on ETH and SOL

According to CoinDesk: Polymarket users, betting on the crypto-based prediction market, are showing overstated confidence in former President Donald Trump's victory in the upcoming presidential election. Almost $100M has been wagered, making it Polymarket's largest market so far and almost doubling the peak volume of all crypto-based prediction markets in 2021. RFK's chances are not zero, according to traders on Polymarket. Despite the polls suggesting a close competition, bettors on Polymarket are leaning towards Trump, giving him a 52% chance of victory. Holders of opposing views believe there's a chance of other candidates stepping in or Biden leaving the race last minute. Still, using prediction markets like Polymarket, which financially incentivizes participants, can potentially yield more accurate forecasts than traditional polls. This surge in the popularity of prediction markets showcases the growing tendency of bettors to stake on crypto-related outcomes such as the achievement of an all-time high for a given cryptocurrency coin. Additionally, on this platform, bettors are showing strong confidence that Ethereum (ETH) will reach an all-time high in 2024, as will Solana's SOL, though they believe SOL will get there first. As the dynamics of the crypto market continue to evolve, these prediction trends offer valuable insights into trader sentiment and future market potential.

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