- Midnight (NIGHT) price has experienced a major spike of over 10% on a daily chart, soaring its value to over $0.04811, with a similar jump in the market capitalization.
- The rally in the privacy-focused cryptocurrency was seen after the official launch of the Midnight mainnet network and major whale activities that swapped Cardano for NIGHT.
- While the majority of cryptocurrencies witnessed a minor drop or neutral state on Tuesday, privacy coins have soared on a daily chart.
On March 31, Midnight (NIGHT) price witnessed a sharp increase of over 10%, as the project officially launched its mainnet after years of development.
The token is currently trading under NIGHT, which soared to approximately $0.04845 with a market capitalization of around $804.63 million and daily trading volume at around $592.48 million, according to CoinMarketCap.
The daily trading volume has also soared along with the Midnight price. The total circulating supply of the 16.6 billion NIGHT tokens. These figures show a clear buying interest that boosted the price higher, even as the overall crypto market is stuck in a consolidation phase.
Mainnet Launch Gains Attention of Investors
One of the major factors behind the rally in the Midnight (NIGHT) price is the official launch of the Midnight mainnet. It is a privacy-based partner chain built for the Cardano blockchain. The network was developed by Input Output Global, the same organization behind Cardano, to support confidential smart contracts and transactions.
Recently, Grayscale analyst Michael Zhao stated in the official report that “most users expect some level of financial privacy. Individuals may not want balances or spending history exposed by default. Businesses may want to keep suppliers, payroll, treasury flows, and customer relationships confidential. Institutions may not want wallet structures or transaction patterns mapped in real time. Privacy demand is therefore not limited to users seeking full anonymity. In many cases, it reflects ordinary preferences around confidentiality in economic life.”
Midnight is relying on zero-knowledge proofs, which allow users to keep sender details, receiver details, and transaction amounts hidden while still giving touch of programmable features. The mainnet went live in its initial federated phase during the period of March 30 to March 31, which will its creators to turn years of testing into a real network utility.
Charles Hoskinson stated in the official announcement on X, “Midnight is the first public blockchain that gives the world the infrastructure it needs to come on-chain — without sacrificing privacy or compliance. Launching alongside partners like Google Cloud and MoneyGram is a monumental step. For the first time, organisations of this scale have committed not only to running critical infrastructure but also to building and deploying live applications on a public network.”
The launch has grabbed the attention of investors as the demand for privacy-based cryptocurrencies is growing rapidly.
Whale Activity Sparks a Rally in Midnight Price
The price movement in the cryptocurrency was seen after whales started accumulating the NIGHT token. One whale has swapped 940,000 Cardano tokens for 4.14 million NIGHT tokens shortly after the mainnet went live. This is a classic sign of growing confidence in the project.
Later on, a whale swapped another 1 million Cardano tokens for NIGHT tokens.
The upward momentum in cryptocurrency is also confirmed by technical indicators. The price broke out from a descending triangle pattern that had kept the token in a consolidation zone for weeks. The moving average convergence divergence indicator is showing an upward momentum that matches the positive price action. This price movement is suggesting that short-term buyers have gained control after a prolonged period of trading below major resistance levels.
Amid the development in the regulatory guidelines for the crypto sector, there are growing concerns about data privacy and digital surveillance, which have boosted the demand for projects that provide strong confidentiality features.
While Bitcoin and many other altcoins witnessed small declines on Tuesday, privacy-based tokens, like Zcash (ZEC), have witnessed an upward momentum. This clearly shows the growing demand for these privacy coins.
Also Read: BTC Hits ‘Surrender Phase’ as Long-Term Holders Capitulate: Best Buy Zone?
Source: https://www.cryptonewsz.com/midnight-night-price-spike-10-mainnet-launch/
