Cardano’s privacy-focused network Midnight (NIGHT) token has entered active market trading, recording over $1 billion in 24-hour volume and market capitalization, and ranking higher than XRP in terms of sales on Bybit.
Of course, Charles Hoskinson, the man behind Cardano, reacted to this amazing milestone, albeit in a terse manner, calling $1 billion in trading volume an “absolutely amazing” achievement for the new token.
Now, NIGHT is trading at around $0.069 on major exchanges and has a market cap of over $1 billion. With the volume-to-market capitalization ratio currently standing at 96.5%, it would be an understatement to say that the trading activity for the token, which many consider the “new ADA” to be notable for, is understated.
1 billion books. Absolutely noteworthy pic.twitter.com/Nrk7ZJ9eR2
— Charles Hoskinson (@IOHK_Charles) December 14, 2025
As mentioned above, Bybit alone, the second largest cryptocurrency exchange in the world, accounts for over $650 million in revenue, followed by Binance, Alpha, OKX, KuCoin, and Gate. This confirms that the activity was widespread rather than isolated.
Midnight isn’t being sold as a meme or a short-term narrative asset. It is positioned as a programmable privacy network built on zero-knowledge proofs, dual-ledger architecture, and selective disclosure tools for enterprises, identity systems, and compliant DeFi.
Overnight price chart reflects the hype
After trading below $0.05 for most of the session, NIGHT spiked to the $0.07 zone in a near-vertical move before entering the consolidation band between $0.066 and $0.071.
For traders, the $1 billion print marks Midnight’s entry into the liquidity conversation with the top-tier Layer 1 ecosystem. We encourage developers to commit capital early in advance of deploying mainnet tools and zero-knowledge (ZK) applications.
For Cardano itself, Midnight’s breakthrough redefines the ecosystem as a multi-network stack where privacy, compliance, and scalability can coexist without compromise.
