As a market that is not centralized with unregulated currency and wrong speculation, Bitcoin becomes highly volatile in the market space.
The only reason for the volatility in bitcoin market is the fact that it is a rather small market. Being decentralized or unregulated has nothing to do with its volatility though.
Lack of intrinsic value: Unlike traditional assets, Bitcoin does not have a underlying physical asset or cash flow to back its value, making it more prone to volatility.
Wrong.
Things don't have intrinsic value because they are backed by something! Things have an intrinsic value because they have utilities. Bitcoin utility as the only decentralized payment system working globally and censorship free is what gives it its intrinsic value.
Interestingly, the volatility of Bitcoin affects the entire crypto market as a whole.
That's mainly because altcoins are useless and every investor knows this. So whenever bitcoin price moves they rush to dump their altcoins to go back to bitcoin.
its current use is mostly as a speculative investment rather than a currency.
You got any data that proves this?!