Is this a common occurrence for cryptocurrencies?
Bitcoin= sound money
Yes, it's common for any currency or asset that is essentially
tradeabletradable in a free market, no central authority to approve anything, which operates 24 hours a day, 7 days a week, irreversible (can't later change your mind on a purchase or sale),
can be traded in small fractions, immediate transfer to new owner, and
tradeabletradable from anywhere in the world using your digital device. If you could trade
with gold, real estate, etc. in the same way as bitcoins
as described, their prices would be equally volatile.