Crypto Market Has Seen 0 Days of Correction in 2023 & 2024 So Far
Crypto has experienced 62 days of market correction from 2014 to date, which makes up a minor 1.6% of the time during this period. The average crypto market correction across these days was -13.0%, which is just 3 percentage points above the technical cutoff definition for a market correction.
Crypto was hit by the highest number of 18 market corrections in 2018, which is double the next highest 9 days of market correction recorded in 2017. The frequency of crypto market corrections in 2018 was likely due to the volatile bearish conditions then, as crypto cooled off from a bull run that gained the asset class greater mainstream recognition.
Notably, crypto saw 0 days of correction in 2023, as the market consolidated and made a gradual recovery despite a challenging macroeconomic environment. Bitcoin and Ethereum similarly did not experience any days of price correction last year.
While both the global crypto market and Bitcoin have yet to experience any days of correction so far this year, it remains to be seen if that will be the case for the rest of 2024. On the other hand, Ethereum has already seen 2 days of price correction this year, namely -10.1% on March 20 and -10.0% on August 6, 2024.
