Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop
NegativeCryptocurrency
- The cryptocurrency market is experiencing significant downturns, with Cardano-based NIGHT token crashing from an initial value of $150 to just $0.02, alongside declines in Zcash (ZEC) and Monero (XMR). Most tokens launched this year are now trading below their initial valuations, indicating a troubling trend in the market.
- This drastic drop in the NIGHT token's value has raised concerns among investors and stakeholders, particularly as Cardano's founder, Charles Hoskinson, expressed disappointment over the failed expectations surrounding the Midnight project. The situation reflects broader challenges within the cryptocurrency sector.
- The ongoing decline in Cardano's price, coupled with the NIGHT token's collapse, highlights a bearish sentiment in the market, with analysts labeling Cardano as a 'ghost chain' due to disappointing network metrics. Additionally, Zcash's recent volatility, marked by a 30% drop from its November peak, suggests a pattern of instability affecting multiple cryptocurrencies, raising questions about the sustainability of recent market rallies.
— via World Pulse Now AI Editorial System
