This past weekend marked one of the most tumultuous periods for Bitcoin in over a year, with its value oscillating significantly. After reaching a record-breaking high of $72,760 on Thursday, March 14, Bitcoin’s price plunged to $64,550, only to partially rebound to around $68,300. This weekend was characterized by notable fluctuations, with price movements ranging between 3% and 7%.

Traditionally, weekends have seen more stable Bitcoin trading patterns, especially since the introduction of Bitcoin ETFs in the US earlier this year. This stability is typically disrupted during the week when US markets open. A retrospective look at the weekends throughout 2023 shows a pattern of minimal volatility, with most weekends experiencing modest price changes of 2-3%.

Despite this weekend’s volatility, Bitcoin’s fear and greed index suggests a continuing high interest in cryptocurrency, albeit with a slight decline from the previous week’s peak.

In a broader context, the cryptocurrency market has shown overall positive trends in the past 24 hours, with gains sustained over the past week. Solana stands out with a remarkable 36% increase, outperforming Bitcoin and leading the market surge.

However, not all cryptocurrencies have fared as well, with Dogecoin, Cardano, and Ethereum yet to reach their recent peak values. Only Bitcoin and BNB Chain are currently approaching their all-time highs within a 20% margin.

The potential for a market downturn looms with a projected 2% drop in the US market if the current price levels persist.

The weekend also highlighted the volatile world of Solana-based memecoins. In a notable incident, the creator of Slerf memecoin accidentally destroyed $10 million worth of tokens, including the liquidity pool and pre-sale tokens, during a flawed launch event. Despite this setback, Solana memecoins continued to attract significant investments, with pre-sale initiatives drawing millions from enthusiastic investors.

The frenzy around Solana memecoins has pushed decentralized exchange volumes to new highs and increased the blockchain’s popularity, even surpassing Ethereum on Google search trends.

Pre-sale events, offering investors early access to new tokens, have surged in popularity, although they come with no guarantees of token allocation. This trend gained momentum following the success of The Book of Meme coin, which saw its value skyrocket, leading to major exchange listings.

Despite the potential for high returns, the pre-sale model has drawn criticism for its riskiness, with Ethereum expert Anthony Sassano likening it to a risky gamble. Moreover, the model’s uncertainty has opened doors for scammers to exploit unwary investors, highlighting the need for caution in the ever-volatile world of cryptocurrency investments.