Key Takeaways
- The most important crypto market sell-off in 2024 was -8.4%, considerably lower than the -39.6% Covid-19 crash.
- Crypto has not recorded a single day of market correction because the FTX collapse in November 2022.
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Regardless of Bitcoin’s (BTC) latest dip of 29% in two weeks, the crypto market has proven resilience in 2024, with no vital corrections in comparison with historic downturns. In accordance with a CoinGecko report, the most important sell-off this 12 months was a comparatively gentle -8.4% on March 20, 2024.
In distinction, probably the most extreme crypto market correction up to now decade occurred through the Covid-19 crash on March 13, 2020. Complete crypto market capitalization plummeted -39.6% day-over-day, from $223.74 billion to $135.14 billion, highlighted the report.
Bitcoin skilled its largest value correction of -35.2% on the identical day, whereas Ethereum noticed its second-largest drop at -43.1%.
The crypto market has not recorded a single day of correction because the FTX collapse in November 2022. Over the previous ten years, the longest crypto corrections have lasted at most two consecutive days, occurring solely thrice.
From 2014 so far, the worldwide crypto market has skilled 62 days of market correction, representing simply 1.6% of the time throughout this era, with the typical crypto market correction being 13%.
Notably, 2023 noticed zero days of correction for the general crypto market, Bitcoin, and Ethereum. Whereas the worldwide crypto market and Bitcoin have averted corrections in 2024 up to now, Ethereum has skilled two days of value correction this 12 months: -10.1% on March 20 and -10% on August 6, 2024.
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