I checked Binance’s spot market rankings today: of the 76 USDT trading pairs with more than 5 million U in trading volume, only 5 are still up over the past 24 hours. $NIGHT is one of them, up more than 5%, with a current price of around 0.0504.
Zooming out makes the contrast even more striking. Since the November 8 close, $BTC has fallen from 74,851 to 65,339, a drop of 12.7%. Over the same period, NIGHT has risen from 0.03924 to 0.0504, up just over 28%. On November 14, NIGHT’s trading volume hit 11.2 million U, its biggest day in more than a month—and that was exactly the day Bitcoin plunged to just above 63,000.
What is the money waiting for? I think there are two main things. First, on November 6, Midnight’s mainnet upgraded to Ledger 9, adding native support for ECDSA and Keccak-256. Put simply, this means wallets used by large custodial institutions can connect directly. Second, there’s Monument Bank’s UK plan to tokenize up to £250 million in deposits. Its founder said in September that it would launch in November, and Hoskinson reposted the announcement a few days ago, saying, “This is just the beginning.”
But honestly, the bank itself still hasn’t announced a launch date, and the custodian hasn’t been named either. This rally is basically driven by expectations. If it actually launches, the good news may already be priced in; if it keeps getting delayed, it could give back all 30% of these gains.
When a coin rises against the trend, do you usually chase it or wait for a pullback?