CoinGecko: The largest single-day decline in crypto market value so far this year is 8.4%.

On August 11th, according to CoinGecko, the most serious correction in the global cryptocurrency market in the past decade was the 39.6% plunge on March 13, 2020 due to the COVID-19 pandemic. The massive sell-off caused the total cryptocurrency market capitalization to plunge from $2237.4 billion to $135.14 billion. In contrast, the largest cryptocurrency market sell-off so far this year was much smaller at -8.4%, which occurred on March 20, 2024. Similarly, while the most recent drop saw four consecutive days of declines, causing the total cryptocurrency market cap to shrink from $2.44 trillion on August 2 to $1.99 trillion on August 6, none of these declines were enough to be considered a market correction.
As global uncertainty caused cryptocurrency investors to flee risk assets overnight, Bitcoin also recorded its largest price pullback on March 13, 2020 at -35.2%, while Ethereum recorded its second largest price pullback on the same day at -43.1%. The second major pullback for cryptocurrencies occurred on September 14, 2017, when the total cryptocurrency market cap experienced a -22.3% pullback, falling from $136.55 billion to $106.14 billion. This was in line with Bitcoin's third major price pullback of -20.2% on the same day. The correction follows a relatively strong performance throughout the year, with both the cryptocurrency market and bitcoin recovering rapidly the following day, highlighting the high volatility of cryptocurrencies.