- Cardano (ADA) is set for a performance upgrade on February 14th, 2023.
- Both Cardano and Ethereum (ETH) have seen a dip in prices 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.
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 in close proximity, ADA is trading at $0.35 USD 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) is trading 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.
As a result of the recent crypto staking regulation concerns, both the Altcoins seem to have been feeling some heat. The Cardano community has been expressing both 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.
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Cardano set to get a major performance upgrade on Valentine’s day. Bullish for ADA?
— whalechart.org (@WhaleChart) February 11, 2023
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However, positive market sentiment does not appear to be radiating throughout the entire community, with bearish concern also appearing to be a continued response to the conversation.
Just another sell the news update:
Alonzo, Vasil, Djed and Valentine…Nothing made a difference in price for the better or for good.
— Hossa 182 (@182Hossa) February 11, 2023
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.
Read more about the ADA versus ETH saga:
Cardano (ADA) Founder Slams SEC’s “One-Size-Fits-All” Staking Regulation
Read more about Cardano’s SECP upgrade scheduled for February 14th:
Cardano’s Valentine’s Upgrade to Bring More Cross-Chain Love
Source link: https://dailycoin.com/cardano-dips-7-91-can-valentines-sentiment-boost-ada/
