Kevin O'Neill, 25, was killed during an attack at a house in the Stroanshesk Park area of the Co Antrim town.
On Monday a court granted detectives extra time to question a 28-year-old man, who was arrested after police launched a murder investigation.
Mr O'Neill's neighbours say the attack is a shock to everybody.
Michaela Smylie, who knew the victim well, told UTV: "It's devastating. He was harmless, he was dead on, and he would've done anything for you.
"I just heard this screaming and shouting, that's all I heard. Whenever I went in, he was lying on the ground."
Local representatives have also paid tribute to Mr O'Neill, who was described by Independent councillor Padraig McShane as "a gentleman".
He added: "Kevin got on well in life and worked hard.
"He was very well liked, an affable character and didn't have a bad word for anybody."
Sinn Féin councillor Cara McShane said: "I knew the family very well. They're a young family a loving, strong family and they're very much a part of everyday life in Ballycastle.
"It's tragic circumstances and a complete moment of madness that this incident has taken place."
A post-mortem examination is due to take place on Tuesday.
Police have appealed for anyone who contacted Mr O'Neill between Saturday and Sunday lunchtime to get in touch.