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.
It's because the value of crypto is all dependent on the demand from the people. The greater the demand, the higher the price. In some cases, the price also changes due to manipulation of whales. Since they have the big volume and the ability to buy greater volume they can easily make changes with price. The value of Bitcoin will be better if many of us will hold, since the supply is decreased and this would cause greater demand.