A new trend is dominating the prediction markets: betting whether the price of Bitcoin will go up or down in the next few minutes.
On the prediction market platform Polymarket, users can bet whether Bitcoin’s price will rise or fall in the next 5 minutes. According to Dune Analytics data, trading volume for this bet reaches over $60 million in a day.
Betting is simple. Users simply choose whether Bitcoin’s price will rise or fall in a set period of time. After time runs out, a new wager is set up on the platform.
Aside from betting on Bitcoin’s price in the next five minutes, there is also a wager on Bitcoin’s price in 15 minutes. Polymarket also offers bets on Ethereum, XRP, Solana, and even meme coins like Dogecoin.
Polymarket’s competitor, Kalshi, also offers similar bets of Bitcoin’s price in a very short time range. According to Jon Lourie, founder of the prediction market research firm Polyfactual, the quick closing duration of the trade is what makes prediction market investors “addicted”.
“It’s like people just want to get to the resolution time faster and faster and faster,” he told Bloomberg. “I wouldn’t be surprised if we see crazy things, like one-minute markets or something like that, in the near future.”
Betting on Bitcoin’s price in a short range of time takes advantage of crypto’s volatility. Learn what it is in the article Volatility Is: Definition, Cause, and Impacts on Cryptocurrency.
