Midnight

Today's state: Midnight is trading at $0.034394 with a $0.6 billion market capitalization (rank #103). The price moved +2.00% over the past 24 hours and is -9.50% over 7 days; the 30-day move stands at +0.00% and the 90-day at -18.94%.

Position vs cycle: A drawdown of more than 70% from the last cycle high puts the asset firmly in deep-bear territory, where recoveries have historically required a fresh demand catalyst rather than mere mean-reversion.

Volatility and structure: 30-day realized volatility of 98.4% annualized is high for an asset this size. Our composite multi-horizon Price Strength reads Neutral (44/100), with a mixed multi-horizon profile and no clear directional bias.

Beyond Bitcoin, NIGHT's 90-day return correlations to the other two largest layer-1 references help characterize whether the asset moves as part of a crypto-market beta complex or as something more idiosyncratic. The Pearson correlations across daily log returns:

• Bitcoin reference: +0.32 — a weak positive relationship.
• Ethereum reference: +0.46 — a moderate positive relationship.
• Solana reference: +0.45 — a moderate positive relationship.

Strong correlation to multiple references typically indicates that the asset trades primarily as crypto-market beta — moves in BTC/ETH/SOL drive most of the price action, and stand-alone alpha is harder to capture. Weak or negative correlations indicate idiosyncratic drivers (project-specific news, sector rotation within crypto, or narrative shifts) that can produce returns uncorrelated with the broader market.

Midnight (NIGHT) is a cryptocurrency, traded on global digital-asset markets. It trades at $0.0344 as of the latest update, with a 24-hour move up 2.00%, placing it at rank #103 by market capitalisation among all listed digital assets. Midnight's current market cap stands at $571.19M, a figure used by traders, analysts and institutional desks to gauge relative liquidity and risk exposure across the crypto market.

On this page you'll find a live, daily-refreshed dashboard tracking Midnight across multiple data sources — price history going back several years, on-chain activity where available, fundamentals like circulating supply and dilution, top exchanges by volume, technical analysis using moving averages and RSI, and an algorithmic short, mid and long-term forecast. All figures are pulled from public APIs and cached locally; nothing here is investment advice.

Midnight (NIGHT) is a cryptocurrency traded on global digital-asset markets. Its specific role depends on the protocol and ecosystem built around it — the data and market sections on this page describe what can be measured directly from on-chain and exchange activity.

Midnight currently ranks #103 by market capitalisation, making it a mid-cap asset in the broad top 250. Essentially all of the NIGHT supply is already issued — roughly 24.00B of a 24.00B cap are in circulation — so future inflation is a non-factor. It currently trades about 71% below its all-time high of $0.1194 set in December 2025.

Like other crypto assets, Midnight records transactions on a distributed ledger that no single party controls. Holders custody it directly through private keys, and its issuance and rules are enforced by the network's code rather than by an issuer.

Midnight currently ranks #103 by market capitalisation, making it a mid-cap asset in the broad top 250. Essentially all of the NIGHT supply is already issued — roughly 24.00B of a 24.00B cap are in circulation — so future inflation is a non-factor. It currently trades about 71% below its all-time high of $0.1194 set in December 2025. Its fully-diluted valuation of $819.60M is about 1.4× the circulating market cap of $571.19M, a gap that signals issuance overhang to factor into any longer-term thesis.

Midnight is used for value transfer, on-chain settlement, and access to whatever application or ecosystem its protocol supports. Because utility varies widely across projects of this kind, the most reliable read on the asset is its market data — liquidity, supply dynamics, and price behaviour — shown elsewhere on this page.

Daily volume runs at about 1.8% of market capitalisation ($10.53M in the last 24 hours), in the normal band for a coin of this size and supportive of orderly entries and exits.

The supply story for Midnight comes down to three things: how tokens are issued over time, how many are circulating now, and how far the fully-diluted valuation sits above the circulating market cap. At over 99% of maximum supply issued, future issuance pressure is effectively zero — the supply curve is now flat, and value accrual must come from network adoption rather than from supply schedule mechanics. The fully diluted valuation (FDV) of $0.8 billion stands at 1.4× the current circulating market cap of $0.6 billion. The wider this ratio, the more issuance overhang the asset faces — a structural headwind on valuation that mature assets like Bitcoin do not face but that early-cycle assets typically do.

For thesis-building, the relevant question is whether the structural value-accrual mechanism (fee burns, staking-yield reinvestment, deflationary supply mechanics, ecosystem TVL growth) outpaces the structural emission pressure. When it does, the price tends to grind higher over multi-quarter windows even without speculative momentum; when it does not, the asset typically requires consistent narrative-driven demand to absorb the issuance.

At the macro level, the variables that move this asset class most are the direction of US interest rates, the supply of dollar liquidity, and the state of global risk appetite. Crypto has behaved like a long-duration, high-beta risk asset: it tends to rally when real yields fall and the dollar softens, and to sell off when liquidity tightens.

The cross-asset relationships worth watching: the dollar index (DXY), historically inversely correlated with crypto over longer windows; the 10-year Treasury yield, a proxy for the cost of risk capital; gold, which sometimes shares a "monetary hedge" framing with Bitcoin during regime changes; and the S&P 500, which during liquidity-driven moves often rhymes with crypto despite the "uncorrelated" narrative.

Zooming in on Midnight, the most reliable leading indicator has tended to be crypto-native liquidity itself — aggregate stablecoin supply, open interest in futures, and exchange volume. Rising on-chain liquidity has historically pulled NIGHT up; draining liquidity has done the opposite. With a comparatively loose 90-day BTC correlation of +0.32, NIGHT has shown more idiosyncratic price behaviour than the average large-cap — its own catalysts can matter as much as the broad liquidity tide.

General crypto risks apply: high volatility (double-digit daily moves are common), regulatory uncertainty, exchange and custody risk, and project-specific execution risk. With a smaller or less-established asset, liquidity can be thin — meaning larger orders move the price more, and exits during stress can be costly. Size positions accordingly and never commit more than you can afford to lose.