Crypto’s Covid Crash Still 5X Worse Than 2024 Sell Offs
In the last ten years, the worst global crypto market correction has been the -39.6% Covid-19 crash on March 13, 2020. The widespread sell off saw total crypto market capitalization plunge from $223.74 billion to $135.14 billion day over day (DoD).
In comparison, the largest crypto market sell off to date this year was significantly less severe at only -8.4%, which took place on March 20, 2024. Similarly, while the most recent drawdown saw 4 consecutive days of decline that shrank total crypto market capitalization from $2.44 trillion on August 2 to $1.99 trillion on August 6, none of the decreases have been large enough to qualify as a market correction.
In fact, crypto has not recorded a single day of market correction since the FTX collapse in November 2022.
