New blockchain cryptocurrency Cardano reaches $ 1 billion in capitalization in just a week

Editor’s note: not financial advice!

The new privacy-focused Midnight token (NIGHT), created on the Cardano blockchain, has reached a capitalization of over $ 1 billion in less than a week after its launch. According to the Cexplorer service, as of December 18, more than 133,000 transactions on the Cardano network already contain NIGHT tokens, which indicates a rapid increase in activity around the project.

According to CoinMarketCap, Midnight ranks 56th among all cryptocurrencies by market capitalization. Its current price is about $ 0.6 488, which is 2% higher than the day before and almost 50% more than a week ago. Thus, NIGHT has become one of the few cryptocurrencies to exceed the market average growth rate, outperforming such well-known coins as Zcash (ZEC) and approaching Monero (XMR) in terms of daily gain.

Cardano founder Чарльз Хоскінсон" href="https://noworries.news/biography/charlz-hoskinson/" data-bio-id="10 311">Charles Hoskinson called the token’s launch an «incredible success» and thanked the community for the achievement. «It's amazing how well the ecosystem is developing. We’re on our way to creating the first true fourth-generation cryptocurrency that will usher in a new era for our industry,» he said.

The activity around Midnight has led to the return of capital to the Cardano ecosystem, with daily trading volume at one point exceeding $ 1 billion. According to the Midnight Explorer service, the network has already generated 2.96 million blocks and processed more than 408,000 transactions with an average block time of about six seconds, which indicates that the network has been stable since its first days.

Given this pace of development and high level of activity, analysts are already comparing Midnight to the «new ADA» — a project that could become one of the fastest growing in the modern crypto industry.