Crypto Markets See Significant Drops in Cardano-Based NIGHT and Other Tokens Amid Mixed Futures Activity
The Cardano-based Midnight Network token (NIGHT) experienced a sharp 22% decline in 24 hours, making it the worst performer among the top 100 cryptocurrencies by market capitalization. Other notable declines included PUMP dropping 13%, with MNT, XMR, and ZEC each falling up to 8%.
Bitcoin traded around $87,677.52, slipping below the $88,000 mark after unsuccessfully sustaining levels above $90,000. The market is anticipating increased volatility following the upcoming U.S. GDP release.
Market data from 2025 indicates a challenging environment for newly launched tokens, with only 15% trading above their initial TGE (Token Generation Event) valuations. The median fully diluted valuation has fallen approximately 71%, while the median market capitalization has declined about 66%. Among tokens with an initial fully diluted valuation of $1 billion or more, none are currently trading above their TGE levels, with the group showing a median loss around 81%.
The year’s token launches have been dominated by infrastructure, DeFi, and artificial intelligence-related sectors—categories which have generally underperformed. A rare exception has been perpetual decentralized exchanges such as Hyperliquid and Aster.
On the derivatives front, BTC futures open interest was around 670,000 BTC with a slight decrease. Solana (SOL) open interest reached 58.75 million contracts, the highest since October 10. XRP open interest increased by 1.28%, while Ethereum (ETH) open interest decreased by 1.7%. CME futures data points to waning institutional demand.
Crypto Markets Today will pause updates starting Wednesday and will resume normal reporting on January 5.
