Crypto Market Sees Mixed Week with Midnight Leading Gainers

The crypto market experienced a mixed week, but it was a reset for the industry. Bitcoin's price broke above $87,000 before quickly pulling back below $84,000. Meanwhile, Citi turned more bullish, raising its 12-month Bitcoin target to $113,000.

The week was also marked by a rotation in altcoins, with some mid-caps outperforming the majors. Midnight, a privacy-focused blockchain, led the gainers with an impressive 85% rally. This move pushed Midnight back to late Q1 levels, where both long-term and short-term holders are closer to breakeven.

Quant, another blockchain project, was the second weekly gainer, gaining 50%. However, its technical structure is becoming extremely overbought, and there is a risk of near-term selling pressure.

Lighter, a decentralized perpetuals exchange, was the worst performer this week, plunging by 20%. This appears to be a selloff rather than a pullback, which has brought Lighter back down to the early-August zone around $3.50. Zcash, a privacy-focused blockchain, entered a cooldown phase, falling 16.7%.