Cardano privacy token Midnight (NIGHT) saw its trading volume plunge as much as 45%, reaching $110.89 million. The trading volume in the last 24 hours remains significantly lesser, compared to the billions of dollars reported this week.
At the start of the week, Midnight reported over $9 billion in trading volume, surpassing major cryptocurrencies, including XRP.
The drop in volume may not be concerning, given light trading volumes across the crypto market during the holidays. The pattern fits what tends to happen around major holidays, where trading volumes drop sharply and positioning becomes more defensive.
Trading activity remains lull as the market struggles to regain its footing after the sell-off since October, with retail speculation dropping.
Midnight price rebounds
Midnight saw a sharp six-day rise, reaching a high of $0.1198 on Dec. 21. After this time, NIGHT's price fell to a low of $0.07 on Dec. 24.
Following this, NIGHT entered a range before the price started ticking higher. At the time of writing, NIGHT was up 6.35% in the last 24 hours to $0.084 and down 15% weekly.
NIGHT has gained traction since its launch in December, now reaching a $1.4 billion market capitalization and is on the verge of entering the top 50 cryptos by market valuation.
In a recent report, CoinGecko listed Midnight as one of the top trending cryptocurrencies, sitting in the number one spot above BTC, ETH, SOL.
Cardano founder Charles Hoskinson reacts to this milestone, saying, "Midnight makes what it touches better."
"Adding Midnight to XRP DeFi is going to blow the legacy banks out of the water. Adding Midnight to Bitcoin gives the world Satoshi imagined possible. Adding Midnight to Cardano supercharges our DeFi ecosystem and will 10x the MAUs, Transactions, and TVL as we are first to market with private DeFi at scale," Hoskinson wrote.
