I think the reason the market is so volatile is:

The cryptocurrency market is already effectively in a bear market, with only Bitcoin still in a bull market, and Bitcoin no longer belongs to the cryptocurrency market, but to the Nasdaq in the US stock market, which is still in a bull market.

So the entire cryptocurrency market follows Bitcoin, which is a component of the Nasdaq.

When Bitcoin rises, everyone rebounds, and when Bitcoin falls, everything else drops.

When the US stock market enters a bear phase, the cryptocurrency market will also drop and will no longer be volatile.

The US stock market is not at a low level; further increases will be difficult, and it could drop at any time.