ADA, the token that powers the smart-contract-enabled Cardano blockchain, has been surging on Tuesday. The cryptocurrency, the world’s eighth largest by market capitalization according to CoinMarketCap, was last up around 10% on the day, with ADA/USD changing hands in the $0.43 area, giving it a market cap of around $15.0 billion.
ADA is getting a lift from a broader rally being seen across the crypto space – Bitcoin was last up 2.5% and Ethereum around 5.0% on Tuesday, with traders relieved that the sell-off that has been gripping the markets for the past month seems to be abating.
Cardano Outperforms Amid Multiple Bullish Tailwinds
Cardano is currently the best performer in the top 20 cryptocurrencies, with analysts pointing 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 scalability and security of the Cardano blockchain.