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First it's an experimental digital currency which is still in its development face. Its price is determined by its demand and supply. More demand increases its price and with low demand price decreases.
Furthermore, market trends, panic selling, FUD (fear, uncertainty and doubt) and news pertaining to its ban/regulation also play important role in price fluctuations.
Bitcoin reacts just like the normal share market reacts after a positive or negative news.
Major reason of this cryptocurrency volatility is that a large portion of it is owned by early investors. Therefore, they have the power to skyrocket the prices or drop the prices like a falling knife.
Large whales earn a massive profits by creating volatility in market. They buy low and sell high to increase their wealth.
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