- The Midnight token’s price drop over the last 24 hours occurred just days after it reached its all-time high of $1.81.
- The NIGHT token’s dip mirrors declines seen in established privacy coins like Zcash, Monero and Dash.
- Midnight is a privacy-focused blockchain that recently arrived on major exchanges.
As crypto markets experienced renewed volatility on December 23, 2025, Midnight (NIGHT) joined a group of altcoins that plunged more than 20%.
At the same time, the privacy-coin sector suffered notable declines as Zcash, Monero and Dash all turned red.
The NIGHT token, native to the Midnight blockchain, dropped sharply amid broad profit-taking.
Midnight falls 25% and leads altcoin losers
The native token of the Midnight network, NIGHT, plunged roughly 25% over the past 24 hours.
CoinMarketCap data places it among the one hundred largest coins by market capitalization.
Importantly, this steep correction comes only weeks after the token’s anticipated launch.
On December 9, 2025 the token surged to an all-time high of $1.81.
Since then the price has reversed dramatically, and during Tuesday’s session NIGHT recorded an intraday low of $0.075.
The downturn has erased a significant portion of the gains accumulated after the token generation event.
Daily trading volume surged to $1.58 billion as selling intensified, while the volume metric fell 81% over 24 hours.
Pressure on altcoins was compounded by a pullback in Bitcoin.
On Monday BTC moved up to $90,000 before sliding below $87,700.
Stocks also weakened, and a wave of crypto liquidations together with reduced risk appetite weighed on the broader bull market.
Profit-taking in NIGHT may accelerate as uncertainty in crypto markets grows.
NIGHT mirrors top privacy coins
As noted above, NIGHT’s recent performance tracked the sell-off in established privacy coins.
Privacy-focused cryptocurrencies led declines across the sector, with Zcash, Dash and Monero posting notable losses as investors rotated out of privacy-themed assets.
Zcash fell nearly 9% over 24 hours, while Monero declined about 4% and Dash around 3%.
Other privacy-related tokens such as Decred, Horizen and Tornado Cash also traded lower during the same period.
NIGHT posted the steepest drop, falling roughly 25%.
The pullback follows several months in which privacy coins outperformed the broader market; Zcash was among the top performers during that stretch, partly supported by increased institutional accumulation.
Midnight positions itself as a privacy-first blockchain.
It is built to support confidential decentralized applications with advanced features like selective disclosure and zero-knowledge proofs, backed by an efficient consensus mechanism.
This architecture aims to balance strong privacy protections with compliance considerations.
Cardano’s Midnight project seeks to position itself as a next-generation privacy solution for DeFi, identity management and enterprise use cases.