Cardano’s artificial intelligence token, SingularityNET (AGIX), is riding the wave of excitement in the cryptocurrency world.

AGIX has surged in value, with its price currently sitting at $0.1996, marking a 10.16% increase in the past 24 hours.

Over the past week, the AI token has risen by 17%, and it has managed to recoup its losses over the month, growing by 11% during that period.

While there’s a lot of buzz around artificial intelligence tokens, AGIX’s recent surge is primarily driven by external factors.

This growth can be attributed to the optimism surrounding BlackRock’s Bitcoin ETF product and the recent successes achieved by Ripple Labs and Grayscale Investments.

It’s important to note that BlackRock’s iShares Bitcoin Trust is set to receive seed funding this month, even though this doesn’t guarantee SEC approval. It does, however, signal optimism about the ETF’s prospects.

Furthermore, recent court decisions have validated earlier claims that the SEC’s refusal to allow the conversion of Grayscale Bitcoin Trust (GBTC) into an ETF was unjust.

A similar outcome was seen in the case of Ripple, highlighting that the SEC has faced significant setbacks in its efforts to regulate cryptocurrencies this year.