Why is the crypto market so volatile?

Why does the crypto market exhibit such extreme volatility? It seems to fluctuate more than traditional financial markets, often with significant gains and losses in a short period. Is it due to the novelty of the technology, the lack of regulation, or the sheer number of speculative investors? Are there specific factors that contribute to this volatility, such as the release of new coins, market sentiment, or the actions of major players? Understanding the root causes behind this volatility could help investors make more informed decisions in this rapidly evolving market.