- Midnight token’s price drop within the past 24 hours comes just days after it reached an all-time high of $1.81.
- NIGHT’s decline mirrors other leading privacy coins, including Zcash, Monero and Dash.
- Midnight is a privacy-focused blockchain that recently listed on several major exchanges.
As the cryptocurrency market experienced renewed volatility on December 23, 2025, Midnight (NIGHT) fell alongside several altcoins, dropping more than 20% in early trading.
The privacy coin sector also saw notable losses that day, with Zcash, Monero and Dash all turning red as risk appetite diminished.
Native to the Midnight blockchain, the NIGHT token plunged sharply amid widespread profit-taking and market-wide selling pressure.
Midnight down 25%, leading altcoin losses
The Midnight network’s native token, NIGHT, plunged roughly 25% over a 24-hour period as traders exited positions.
CoinMarketCap data ranks it among the largest percentage decliners within the top 100 coins by market capitalization.
Notably, this steep correction arrived only weeks after the token’s highly anticipated launch and a strong initial price run-up.
On December 9, 2025, NIGHT briefly climbed to a record high of $1.81. Since then the price retraced significantly, hitting an intraday low near $0.075 during Tuesday’s session.
The downturn erased a large portion of gains accrued since the token generation event, while daily trading volume registered approximately $1.58 billion — an 81% decrease from the prior 24-hour period.
Downward pressure across altcoins was amplified by weakness in Bitcoin.
After briefly reaching $90,000 on Monday, BTC fell back below $87,700, contributing to a broader risk-off environment.
Equities also dipped, and a cascade of liquidations in crypto markets further reduced bullish momentum across the sector.
Ongoing profit-taking in NIGHT could accelerate if uncertainty in the overall cryptocurrency market persists.
NIGHT mirrors major privacy coins
As noted above, NIGHT’s recent slump closely tracked declines among established privacy-focused coins.
The privacy segment led losses across the market, with Zcash, Dash and Monero reporting notable declines amid a broader retreat for privacy-related assets.
Zcash fell nearly 9% over 24 hours, Monero dropped about 4%, and Dash declined roughly 3% in the same period.
Other privacy-linked tokens such as Decred, Horizen and Tornado Cash also traded lower during the sell-off.
Among these, NIGHT recorded the sharpest fall, down approximately 25%.
The pullback follows months in which privacy coins had outperformed the broader market, with Zcash among the top performers partly supported by increased institutional accumulation.
Midnight positions itself as a privacy-centric blockchain platform.
It is built to enable confidential, decentralized applications through features like selective disclosure and zero-knowledge proofs, combined with an efficient consensus mechanism.
This architecture aims to balance strong data privacy protections with regulatory compliance.
The Midnight project — part of the Cardano ecosystem — seeks to offer next-generation privacy solutions for DeFi, identity management and enterprise use cases.