The funny thing is that almost all cryptocurrencies are going up or down at the same time. Even the level of increase or decrease seems somehow bit correlated.
Maybe there are too many people going for the pump and dump approach. Or this whole market is fully controlled by a happy few buying and dumping at the same time.
Maybe it is time there is some central market watch on the trading activities but that will take a while
I think it is also due to the fact that there are a lot of people out there that see crypto's as something with a lot of potential but don't understand the technology behind each coin and just invest in multiple coins to diversify. So they put money in on 3-4 currencies and cash out on all when they think the time is right. All does seem correlated and therefore traders will also act like it. The same patterns are repeating itself and there are some traders taking advantage of it.
It happens in the stock market too. When a leader starts to move, the followers move with it. Natural tendencies that aren't unique to crypto. With that said, because we are so young and small, the movements can swing violently when our posterchild, BTC moves, particularly with the Altcoins since most of them require BTC to buy them. Once there is a more level playing field and a decoupling of BTC to Altcoins I'm guessing we won't see the market sway with the same ferocity. Lets' see
You just need to be smart to invest when is low and sell when price is high :) btw if any cryptocurrency get under control of markets, most who trade with it will leave it and when become less attractive all this hype about crypto will gone, so lets just home that wont happened :)
So. when they are telling us, cryptos are not manipulated, there might be a little issue. Last time, a bunch of big players moved into this new market. Maybe, by buying and selling big amounts, they tested their opportunities.Nevertheless ordinary people make their moves to gain some fortune, so there is a lot of volatility. Not to speak of just normal corrections in the value of an asset.