ADA, the cryptocurrency powering the Cardano blockchain, surged on Tuesday. The cryptocurrency, the world’s eighth largest by market capitalization according to CoinMarketCap, was last up around 8.5% on the day, with ADA/USD changing hands in the $0.39 area, giving it a market cap of around $13.5 billion.
ADA is getting a lift from a broader rally being seen across the crypto space – Bitcoin was last up 1.7% and Ethereum around 3.0% on Tuesday, with traders relieved that the SEC did not announce any new regulatory crackdowns.
Cardano Outperforms Amid Multiple Bullish Tailwinds
Cardano is the best performer in the top 20 cryptocurrencies on Tuesday, with analysts attributing its outperformance to bullish developments relating to the blockchain and ecosystem.
On Tuesday, Cardano is set to implement a major upgrade called the “Valentine upgrade” that will introduce new Plutus SECP cryptographic primitives to the blockchain.
According to Input Output Global (IOG), this upgrade is expected to improve the security and scalability of the Cardano blockchain.