In stock market the one control in the price of stocks is the country Stock Exchange, how about in crypts who regulating the price of the altcoins in the market? Who set the ceiling price of the altcoins? Who tell that this particular coins are worth of this?
No one really regulates crypto because its decentralizes. That is why government are against it because its can easily be manipulated by a group of people from behind. The price is really base on supply and demand including bitcoin and all other altcoins (mined or pre-mined, AFAIK).
So it's really chaotic out there, that's why traders took advantage of wild price swings. You can either do short trading or long term hold, depending on your goal.