Cardano's AI gem, SingularityNET (AGIX), is capitalizing on the current hype in the broader digital currency ecosystem today. According to data from CoinMarketCap, AGIX is trading at a price of $0.1996, up by 10.16% in the past 24 hours. At this level, the AI token is now up 17% over the past week, and its losses over the month have been pared off, growing 11% in that time span.
Though the hype surrounding artificial intelligence tokens remains optimal, the current positive surge in AGIX is entirely a function of external factors. This growth stems from the current optimism surrounding the BlackRock Bitcoin ETF product and the victories snatched up by the duo of Ripple Labs and Grayscale Investments.
As reported, the iShares Bitcoin Trust from BlackRock is set to get seed funding this month. While this does not connote approval of the application by the SEC, it shows optimism, and the likelihood is high.
The earlier verdict that the refusal by the market regulator to permit the conversion of Grayscale Bitcoin Trust (GBTC) into an ETF is capricious has gained an official stamp of approval from the court. The same goes for Ripple, which shows the SEC has lost its most important battle against crypto this year.
AGIX to capitalize on these trends
Already, AGIX is capitalizing on these trends, as it is trading at its highest price point for the month. Moving forward, the token aims to build on this growth momentum to pare off a significant chunk of the 86% losses it has picked up since hitting an all-time high (ATH) of $1.86 about six years ago.
SingularityNET currently has the ecosystem and the fundamentals to record this level of recovery in the near term. Notably, it can build on this growth, and the previous price stretches to retest the $0.25 level in the near term.