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Midnight’s $NIGHT token would need to trade near $0.40 to reach Cardano’s current market capitalization, assuming $NIGHT’s circulating supply remains unchanged.
CoinMarketCap currently values Cardano at approximately $6.62 billion, with $ADA trading around $0.18. Midnight, meanwhile, carries a market cap near $660 million, with $NIGHT changing hands around $0.0397.
That leaves Cardano valued at roughly 10 times Midnight’s current market capitalization.
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Cardano founder Charles Hoskinson has said Midnight could “absolutely” surpass Cardano, although he does not view a potential $NIGHT flip of $ADA as a negative outcome for the wider ecosystem.
Cardano Founder CONFIRMS that $NIGHT can “absolutely” flip $ADA
“If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano.”
“I don’t see a reality where Midnight grows in spite of Cardano stagnating. I think there’s a rising tides effect.” https://t.co/rH40VPadV7
— Altcoin Daily (@AltcoinDaily) November 8, 2026
Hoskinson argued that Midnight’s growth could directly benefit Cardano by attracting new users and activity. “If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano,” he said.
He also rejected the idea that Midnight would advance while Cardano stagnates, describing the relationship as a “rising tides effect.” Under that view, a larger Midnight valuation would not necessarily represent capital moving away from $ADA, but could instead reflect broader expansion across the interconnected Cardano and Midnight ecosystems.
Midnight currently has approximately 16.61 billion $NIGHT in circulation.
Dividing Cardano’s $6.62 billion market capitalization by that circulating supply produces a $NIGHT price of approximately:
$6.62 billion ÷ 16.61 billion $NIGHT = $0.3988 per $NIGHT
$NIGHT would therefore need to trade around $0.40 to match Cardano’s present valuation. Moving above that level, with the same circulating supply and Cardano’s market cap unchanged, would put Midnight ahead of $ADA by market capitalization.
From $NIGHT’s current price near $0.0397, reaching $0.3988 would require an increase of approximately 904%, equivalent to roughly a 10x move.
This would still leave $NIGHT well below the $1 level that has previously attracted speculation. The Crypto Basic recently examined what would be required for Midnight to reach $1, a price that would imply a market capitalization above $16 billion at the current circulating supply.
Midnight’s current valuation remains only around one-tenth of Cardano’s, but network activity has expanded considerably during 2026.
In October, Midnight surpassed 1 million mainnet transactions, with daily activity accelerating sharply following the opening of permissionless smart-contract deployment. The Crypto Basic previously reported Midnight’s surge in mainnet activity.
The network is also closely tied to the wider Cardano ecosystem. $NIGHT launched as a Cardano Native Asset, while Midnight operates as a specialized partner chain focused on programmable privacy and zero-knowledge technology.
Cardano founder Charles Hoskinson has repeatedly argued that Midnight should be viewed as complementary to Cardano rather than a rival. He has also said he expects Midnight to experience substantial growth in 2027.
The $0.3988 figure depends on $NIGHT’s circulating supply remaining around 16.61 billion tokens.
Midnight has a total and maximum supply of 24 billion $NIGHT, and its distribution schedule includes a 450-day thawing process. As additional tokens enter circulation, the price required to support a particular market capitalization would fall.
For example, if all 24 billion $NIGHT were circulating, a $6.62 billion valuation would correspond to approximately $0.276 per $NIGHT, rather than $0.399.
That makes the circulating-supply assumption crucial when comparing $NIGHT with $ADA.
The comparison also remains a moving target because Cardano’s market capitalization can rise or fall. $NIGHT reaching $0.40 would match Cardano only if $ADA’s valuation remained around today’s $6.62 billion level.
For now, $0.40 represents the approximate $NIGHT price required to equal Cardano’s current market capitalization—not a forecast that Midnight will reach or surpass $ADA.
