AI Cryptocurrencies Surge 208% To $61.5 Billion Market Cap In 2024: These Were The Top Performers
By Benzinga
The market for AI-powered tokens has surged by 208% in 2024, reaching a combined market cap of $61.5 billion, according to a new report.
What Happened: The growth comes after a turbulent year marked by geopolitical tensions and regulatory challenges, according CryptoPresales.com, citing data from CoinMarketCap.
The sector experienced significant volatility in 2024. AI tokens began the year strong, reaching an all-time high market cap of $44.9 billion in the first quarter.
However, this momentum was disrupted by the U.S. government’s expanded export restrictions on AI chips to China, geopolitical uncertainties and profit-taking.
By mid-August, their market cap had fallen to $23 billion, reflecting a sharp decline from earlier highs.
Despite this setback, the last quarter of 2024 has been a period of extraordinary recovery for AI tokens.
Rising investor confidence, increasing adoption of AI-powered blockchain solutions, and growing demand for utility-based tokens contributed to a resurgence in the market.
Between mid-October and December, the sector grew by 68%, adding $25 billion to its market cap.
Among AI tokens, Virtuals Protocol (CRYPTO: VIRTUAL) emerged as the top performer of 2024, recording a 3,500% growth.
The token’s market cap climbed to $2.7 billion, driven by its innovative use of AI agents on the Base network and investor interest in gaming and entertainment-focused ecosystems.
Also Read: Trump Reportedly Considering Executive Order To Establish Strategic Bitcoin Reserve
Other major players also saw impressive gains.
The Artificial Superintelligence Alliance (CRYPTO: FET) grew by 930%, reaching a market cap of $4.2 billion.
NEAR Protocol (CRYPTO: NEAR), Render (CRYPTO: RENDER) and Bittensor (CRYPTO: TAO) also posted significant increases of 256%, 221%, and 147%, respectively.
Tokens like The Graph (CRYPTO: GRT) and Filecoin (CRYPTO: FIL), while experiencing more modest growth compared to their peers, still achieved notable results.
The Graph’s market cap rose by 75% to $2.6 billion, up from $1.4 billion in January. Filecoin posted an 82% increase, reflecting the broader resilience of the sector.
What’s Next: Despite challenges, 2024 has become the second-best year on record for AI tokens, following the explosive 1,870% growth seen in 2023.
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Image: Shutterstock
