Volatility is profit opportunity for shorter term investors and meaningless for long term investors. Short term investors like volatility as it means there are more opportunities to snipe profit in any given timespan. Long term investors don't care about volatility so much, they care about overall market trend over long timespans (years, not days/weeks/months).
Crypto has both a long term uptrend now that there are several well established projects that have survived a couple down turns and a very volatile short term... so it appeals to both mindsets.