2024 Crypto AI Market Review: Total Market Cap Surpassed $70B, Number of Projects Exceeded 600

In 2024, the field of "Crypto+AI" achieved unprecedented breakthrough growth. At the beginning of the year, this field consisted of only a handful of projects, but now it has become an independent track in the crypto market that cannot be ignored.

In 2024, the "Crypto+AI" field achieved unprecedented explosive growth. At the beginning of the year, there were only a handful of projects in this field, but now it has become an independent track in the crypto market that cannot be ignored.

According to the latest data compiled by ChainCatcher, the total market value of assets in the crypto AI sector exceeded the US$70 billion mark on December 7, accounting for as much as 2% of the entire crypto market, with an annual growth rate of 400%.

At the same time, the number of crypto AI projects has also shown explosive growth, currently exceeding 600, covering multiple categories of products such as decentralized AI infrastructure and AI Dapp.

Looking back at 2024, the crypto AI narrative has undergone several major changes. At the beginning of the year, the Sora project launched by OpenAI ignited the hype of crypto AI infrastructure. Subsequently, the convening of Nvidia's annual AI conference pushed decentralized GPUs to the focus of market attention, and investors began to pursue AI decentralized infrastructure. In the middle of the year, the crypto AI track ushered in an investment boom, and crypto VC institutions announced their layout. Many crypto projects received financial support, which accelerated the development and application of technology. At the end of the year, the outbreak of AI Agent Meme pushed the crypto AI narrative to a new climax.

The total market value of encrypted AI assets exceeded US$70 billion this year, and the number of related projects exceeded 600

According to the latest data from CoinMarketCap, the number of tokens included in the Crypto*AI sector has reached 355, and its total asset market value exceeded the $70 billion mark on December 7, with a peak of $70.42 billion. Currently, affected by the overall crypto market correction trend, as of December 23, the total market value of the Crypto*AI sector has fallen back to $47 billion, and the 24-hour trading volume is still as high as $5 billion.

Looking back at the beginning of the year, the total market value of the crypto AI sector was only $17 billion. In less than a year, the total market value of the sector's assets has increased by more than 400%, once again demonstrating the booming development and huge potential of the crypto AI field.

Daniel Cheung, co-founder of Syncracy Capital, expressed his opinion on December 12 that although the current crypto AI sector only accounts for about 1% of the total market value of the crypto market, with the continuous evolution of the market cycle and the strong momentum of AI infrastructure and AI Agent, he predicts that the market value of this sector is expected to grow 10 times.

It is worth mentioning that despite the overall decline in the current crypto market, the total market value of the entire crypto market reached 3.4 trillion US dollars on December 23, and the market value of crypto AI assets still accounted for nearly 1.4% of the entire market at this time (the market value accounted for more than 2% at its peak), further proving its future market growth potential.

2024 is a critical turning point for the crypto AI field from emerging to full-scale outbreak. At the beginning of the year, the crypto AI track was still in its infancy, with a handful of projects, mainly represented by decentralized GPU projects Render (RNDR), AI infrastructure Fetch.ai (FET) and WorldCoin. However, in less than a year, the crypto AI field can be divided into multiple sub-tracks, covering decentralized GPUs, AI data platforms, AI infrastructure, AI Agents and other branch tracks, with hundreds of projects.

According to the encryption data platform Rootdata, there are currently more than 600 encryption projects containing AI terms, and this number continues to increase.

2024 Crypto AI Catalyst: External forces such as OpenAI narrative, VCs vigorously deploy, AI Agent Meme explodes

Judging from the data trend of the total market value of crypto AI assets, the growth in 2024 showed two significant peaks: the first peak occurred between February and March, while the second occurred after October, ushering in a stronger wave of growth.

During the period from February to March, the growth of the crypto AI field was mainly due to the strong stimulation brought by two landmark events in the AI field.

In February, OpenAI released the "Vincent Video" model Sora, a breakthrough achievement that has set off a disruptive change in the field of AI. At the same time, the event also greatly promoted the surge in the price of the token WLD of Worldcoin, an iris authentication encryption project led by OpenAI founder Sam Altman, which in turn led to the strong growth of the entire encrypted AI asset sector. During this period, high-quality projects such as B