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Why 24h and not since midnight?

Because crypto never closes. There is no opening bell to count from, so the ticker’s data source, and every figure on the glass, uses a rolling window: always the last 24 hours counting back from this moment, not "since midnight".

One coin’s screen with its 24h percent change and a 24h chart, both counting back from right now

The same holds for the charts: every range counts back from right now. See Price area.