the volatility is different from all this though. and i don't see anyone covering this part of your question.

the high volatility is mainly because of the size of the orderbooks on these exchanges. specially when you are talking about cryptocurrencies in general this becomes more obvious.
for example if you go on bittrex or poloniex which have altcoins listed, you can see a lot of altcoins which don't even have a high enough daily volume. many of them can go up 100% in price just with spending 10BTC or less. and that means a much higher volatility.

the same is true for bitcoin but on a bigger scale. the orderbooks are very big at first look but usually what happens is that the volume that goes through each fluctuation period is bigger than these order sizes so it leads to a bigger swings.