Cryptocurrency markets are pretty volatile - even more than most of the traditional markets you see - and for a few reasons.

Cryptocurrencies are affected by market trends and happenings just like stocks. During the recent past, there were some events which made the price of the cryptocurrencies go down. Ripple prices, for instance, plunged when a New York Times articles stated that the company didn't have as many businesses as it claimed.

Among the mentionable ones are China’s ban on ICOs, JP Morgan calling Bitcoin a fraud and Bitcoin cash fork.

In such events, people panic sell their cryptocurrencies making the prices go down. But just like stocks, the market stabilizes after a time.