Investors who capitalized on the recent AI market dip returned to the scene overnight, but their focus did not include cryptocurrency.
The MSCI Asia Pacific index experienced a 2.5% increase, while South Korea's Kospi surged by up to 8%, with SK Hynix rising by 11%. The Nasdaq 100 also saw a gain of 1.6%, supported by a semiconductor index that climbed over 5%.
In contrast, the crypto market did not benefit from this momentum. Bitcoin is trading close to $63,300, reflecting a 0.8% increase over the past 24 hours, and ether is around $1,691, up 1.8%, according to CoinDesk. BNB and Solana are leading among major cryptocurrencies with an approximate rise of 2.3%.
Despite these minor gains, all major tokens remain significantly down for the week, with bitcoin decreasing by 10.8%, ether falling by 16%, Solana and Hyperliquid both down about 17%, and dogecoin dropping by 14.7%.
The decline in cryptocurrency prices occurred alongside the sell-off in AI stocks last week, attributed to inflated chip valuations, though the correlation appears to have reversed as markets recover.