Bitcoin prices are striving to find balance, while altcoins endured a harsh weekend.
The largest cryptocurrency by market capitalization increased marginally by 0.2% to $25,852 in the most recent 24-hour trading session, while Ethereum experienced a slight dip of 0.87% to $1,741.
Naeem Aslam, the Chief Investment Officer at Zaye Capital Markets, believes that Bitcoin can withstand various challenges, even following the charges imposed on the two largest exchanges, Binance and Coinbase, by the US Securities and Exchange Commission.
Aslam maintains that any dip in Bitcoin’s value should be seen as a buying opportunity, with traders hopeful that the cryptocurrency can sustain its gains. The consensus is that nobody wants the price to plunge towards the $20,000 mark as it could incite a major price crash, according to Aslam.
However, his outlook for some altcoins, including Cardano, Polygon, and Solana, is less promising.
These companies gained significant attention during the cryptocurrency market’s peak and were even termed as potential ‘ETH killers’, said Aslam.
He added that seasoned investors have sold off assets like Ethereum to invest in these companies, while novice traders view them as a shortcut to affording luxury goods, such as a Lamborghini.
Unfortunately, according to Aslam, these companies have largely failed to deliver, doing little more than making exaggerated claims with insufficient legal groundwork.
Over the past week, Cardano saw a 25% reduction in its value, taking it down to $0.2805, though it managed to recover 6.7% in the last 24 hours.
Meanwhile, Solana’s value declined 29.5% in the past week to $15.23 and suffered a further 1.64% dip on the last day.
Polygon, however, saw a slight increase of 5.2% in the past day to $0.63, despite a hefty 28% drop in the past week.”
