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.
Crypto is not yet regulated so people and gamblers are free to do what they to do. Whales can easily manipulate coins specially those with low market cap which was the common reason why coins suddenly goes up or down.
Even though if it is regulated the manipulation cannot be completely removed from the crypto currency market,the only ways is mass adoption of crypto currency which will dilute the amount on holdings by whales gradually during every time they want to bump and dump the prices.
That's right, so the regulation of the cryptocurrency market can only be introduced when the market has a large capitalization.