Bitlayer vs Midnight

Midnight (NIGHT) is 61.8× the size of Bitlayer (BTR) by market capitalisation. Over the past 90 days, BTR is ahead by 21.1 percentage points (BTR +151.9% against NIGHT +130.8%). Their daily returns move barely together (correlation 0.05 across 108 shared trading days). BTR has been the more volatile of the two, at 575% annualised against NIGHT's 114%.

Correlation: 0.05
Size ratio: 1 : 61.8
Ahead over 90 days: BTR

BitlayerBTR

$0.045214

24h: -1.64%
Market cap: $11.83M
Volume 24h: $1.30M
Volatility (ann.): 575%

MidnightNIGHT

$0.043900

24h: +9.10%
Market cap: $731.46M
Volume 24h: $134.42M
Volatility (ann.): 114%

BTR 1.6%Share of the two combined market caps98.4% NIGHT

Performance

BTRNIGHT

7 days-16.15%+2.62%NIGHT
30 days-4.86%-3.75%NIGHT
90 days+151.93%+130.81%BTR

Correlation

0.05over 108 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3590d: 0.041y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	BTR	NIGHT
Max drawdown (400d)	-77.1%	-67.2%
Risk-adjusted return (90d)	0.24	1.09

Relative strength over 90 days: BTR outperformed NIGHT by 89.0% — measured on the BTR/NIGHT ratio, so it holds regardless of market direction.

Bitlayer →Midnight →