Bouncing voltage? Bouncing voltage where? The output of your alternator (the "one" wire) should go to the battery, and should see 12+ volts when not charging, and 13+ volts when charging. If it is bouncing from nothing to 14V, then I guess there is a bad connection somewhere, either from alternator to battery or perhaps the voltmeter leads themselves.
Use a cheap digital multimeter (or an expensive one) to measure between the alternator case and the engine block while charging. It should read 0. If you get any voltage there, add the ground wire. The battery will never just show 0 volts, if you are getting that, then you are not connected to it.
The ground circuit: 1) wire from alternator to starter, or wherever the battery negative is connected to the block, 8AWG yellow. 2) wire from starter mounting stud (preferred) to battery negative terminal, 2AWG to 0000AWG black or yellow, possibly to a stud on the hull and then from there to the battery negative.
1975 32' Flybridge Sedan, twin Perkins 6-354 diesels, 1:1.53 velvetdrives, 16 X 19 props. Merritt Island, Florida