Since December, AI tokens have taken the lead, rallying from 1,598% to 2,940% by the end of the year, analysts said.

Layer-1 blockchains and decentralized physical infrastructure (DePIN) have marginally outperformed Bitcoin in terms of returns, while other narratives have fallen behind, analysts said.

CoinGecko experts previously reported that the most popular narrative among traders and investors in 2024 was not Bitcoin, but memecoins, which together captured more than 30% of market participants' attention.