Midnight's 85% Rally Leads Crypto Market's Mixed Week, as Volatility Strikes Major Players
This week's crypto market has been marked by a mixed bag of performances, with some mid-cap altcoins outperforming the majors.
Bitcoin broke above $87,000 before quickly pulling back below $84,000, while Citi raised its 12-month BTC target to $113,000.
Midnight, a privacy-focused blockchain, led the week's gainers with an impressive 85% rally, pushing it into a textbook accumulation phase near the $0.05 mark.
Quant, another blockchain project, gained 50%, but its technical structure is becoming extremely overbought, and there is a risk of near-term selling pressure.
On the losing side, Lighter, a decentralized perpetuals exchange, erased its monthly gains with a 20% drop, while Zcash, a privacy-focused blockchain, fell 16.7% and Dash, a privacy-focused cryptocurrency, declined by 12%.
Despite the volatility, some altcoins, such as Agoras: Tau Net, Dolphin, and Hookr.fun, posted significant gains, while others, like Anonymous Cat, Artificial Inu, and Bedrock, saw sharp declines.