Cardano Dips 7.91% – Can Valentine’s Sentiment Boost ADA?

Cardano (ADA) is set for a performance upgrade on February 14th, 2023.

A red bull running on flying hearts in the sky over a rocky mountain in the distance under a black moon
  • Cardano (ADA) is set for a performance upgrade on February 14th, 2023.
  • Cardano and Ethereum (ETH) have seen a price dip in light of potential crypto regulation in the U.S.
  • The Cardano community is split on the potential impact of the SECP launch.

The Cardano (ADA) blockchain has recently encountered a whirlwind of events. In particular, the ecosystem has confirmed the launch of the SECP or Valentine’s upgrade on February 14th, 2023, which is reported to increase interoperability for secure, cross-chain dApp development.

The network has also seen a notable influx of whale buy-ins as February kicked off, accompanied by soaring developer numbers while enjoying a rank above Ethereum for 2022 developer activity.

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On the other side of the coin is the hot topic of cryptocurrency staking in the United States. Cardano and IOG founder Charles Hoskinson opined that Ethereum staking is problematic and that nuanced staking models like that of Cardano and Ethereum should not be regulated according to a “one-size-fits-all” interpretation.

With the Valentine’s upgrade near, ADA is trading at $0.35 at the time of writing, recording a 7.91% decrease from its seven-day high of $0.40 on February 8th, 2023.

The price of Ethereum has recorded a similar dip within the last seven days after the conversations about a potential cryptocurrency staking ban in the U.S.

Another ADA vs ETH

At the time of writing, Ethereum (ETH) trades at $1,467, recording a dip of 8.08% and also showing a decrease from its seven-day high of $1,671 on February 8th, 2023.

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As a result of the recent crypto staking regulation concerns, both the Altcoins seem to have been feeling some heat. The Cardano community has expressed bullish and bearish opinions regarding the upcoming SECP launch.

Bullish for ADA?

Some Cardano community members appear to be taking a bullish stance bordering Valentine’s Day and suggesting that the price of ADA will rally after the official launch of the SECP upgrade.

However, positive market sentiment does not appear to radiate throughout the entire community, with bearish concern also appearing to be a continued response to the conversation.

ADA has been relatively stagnant despite numerous developments in the ecosystem, and it remains to be seen if the bullish ADA community members will be victorious in inspiring the same sentiment in their bearish peers.

On the Flipside

  • Historically, the price of ADA has not been showing a sustainable upward trajectory reflecting major developments in the ecosystem.
  • The Ethereum ecosystem has recently been seeing a notable increase in NFT sales, which could result in a turnaround to positive market sentiment.

Why You Should Care

Cardano’s SECP upgrade could boost market sentiment and, consequently, the price of ADA, potentially influencing the ecosystem’s current #8 rank by market capitalization and stance in the broader crypto market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.