TechFlow news, according to CoinGecko statistics, the most severe correction in the global cryptocurrency market over the past decade occurred on March 13, 2020, during the pandemic crash, when the market capitalization plummeted 39.6%, falling from $223.74 billion to $135.14 billion. In contrast, the largest market sell-off in 2024 occurred on March 20, with an 8.4% decline. The most recent four-day consecutive drop reduced the total market capitalization from $2.44 trillion on August 2 to $1.99 trillion on August 6, but these declines were not sufficient to constitute a market correction.
Since the collapse of FTX in November 2022, the cryptocurrency market has not experienced a single-day correction. Bitcoin recorded its largest single-day drop of 35.2% on March 13, 2020, while Ethereum registered its second-largest drop of 43.1% on the same day. Over the past decade, the longest correction period in the crypto market lasted up to two days. The market saw two consecutive days of correction at the beginning of 2018 and during the FTX collapse at the end of 2022. Bitcoin experienced two such two-day price corrections in 2015 and 2017, while Ethereum had six similar instances, including the 2016 DAO hack and the 2018 bear market.
