Crypto Trader Scores 550% Gain on Polymarket's Bitcoin Prediction as BTC Surpasses $50K

Redditer u/MeLLoN98 profits from a Polymarket bet, now eyeing a record bitcoin high in Q1.

Bitcoin's recent surge past $50,000 has translated into substantial gains for Polymarket's prediction platform users, particularly for u/MeLLoN98, who made an impressive 550% return on the "Will BTC hit $50,000 in February?" betting contract.

The pseudonymous trader, a prominent figure in Reddit's r/CryptoCurrency community, leveraged over 90,000 shares on the Yes side of the Polymarket contract. The contract's resolution favored the Yes side as Bitcoin surpassed $50,000 on Coinbase, marking its highest point since December 2021.

In a conversation with CoinDesk conducted over X, u/MeLLoN98 revealed the details of the successful trade. The trader converted 110,000 MOON tokens, the native currency of the r/CryptoCurrency community, to 14,000 USDC on Kraken. With this, u/MeLLoN98 purchased 91,409 shares on Polymarket at an average price of approximately 15 cents, turning a $14,000 investment into $91,400.

MOON tokens are rewarded to community members for their engagement on the subreddit and can be traded or used within the community. USDC, on the other hand, is a prominent stablecoin with a market capitalization exceeding $27 billion.

The trader plans to further accumulate MOON tokens, citing an upcoming partnership with Celer Network and the addition of liquidity on Arbitrum One next month.

Polymarket offers various betting contracts related to cryptocurrencies, including Bitcoin and Ethereum. The platform allows users to speculate on price movements and other crypto-related events. One notable contract, initiated in December, enables traders to predict whether Bitcoin will reach a record high on Binance by March 31. Currently, shares in the Yes side of this contract are priced at 18 cents, implying an 18% probability of Bitcoin surpassing $68,789 by the end of Q1.

Under the username RedditMoons-10$ on Polymarket, u/MeLLoN98 has demonstrated confidence in this contract by acquiring more than 230,000 shares on the Yes side.

(Photo Source / Blockonome)