Bitcoin prices are trying to stabilise while the altcoins took a whack over the weekend.
The largest coin by market cap was up 0.2% to US$25,852 over the last 24 hours of trading while Ethereum shed 0.87% to US$1,741.
According to Naeem Aslam, chief investment officer at Zaye Capital Markets, Bitcoin can weather all kinds of storms after the US Securities and Exchange Commission (SEC) charged the two biggest exchanges, Binance and Coinbase.
“We continue to believe that any weakness in Bitcoin represents an opportunity, while traders hope that the price will continue to hold on to gains as no one wants to see the price dropping towards the US$20,000 as that could trigger another rout in prices,” Aslam said.
However, Aslam is less optimistic about some of the altcoins, including Cardano, Polygon and Solana.
“These companies were highly popular during the peak of the crypto rally, and they were dubbed the next ETH killers,” Aslam said.
“Professional investors sell some of their assets, like Ethereum, in order to get exposure to them, while retail traders see them as their lottery ticket to buy a Lamborghini.
“But in reality, they did nothing more than advertise and make false promises and little to no work was done on the legal side of things.”
Cardano is down 25% in the last week to US$0.2805, although up 6.7% in the last 24 hours.
Elsewhere, Solana is down 29.5% in the last week to US$15.23, and down 1.64% in the last day.
Polygon was up 5.2% in the last day to US$0.63, and down 28% in the last week.