Hey, I have some moderate experience over this crypto world. Why the market is extensively volatile. Alike traditional market does crypto too impacted of many major changes.
Probably due to low marketcap of whole crypto industry, it's easy to manipulate such low volume market when you have money (there is also media manipulation).
I think that's not probably, its happen when the market condition goes to very bad and people go away from the market. When altcoin price gets drop then people get shocked and they are in tension. As an economy system, If the demand increases, the price increases, and if the demand drops, the price decreases.