CoinGecko: The early August decline in the cryptocurrency market is not one of the most severe market corrections in the past decade

ChainCatcher news, CoinGecko posted on social media that despite the recent four-day decline causing the total cryptocurrency market cap to drop from $2.44 trillion on August 2 to $1.99 trillion on August 6, this decline is not one of the most severe market corrections in the past decade, as the daily drop was less than 10%.

Historical data shows that the most severe correction in the global cryptocurrency market occurred on March 13, 2020, influenced by panic over the COVID-19 pandemic, when the crypto market plummeted by 39.6%. The total cryptocurrency market cap fell from $22.374 billion to $13.514 billion (DoD), whereas the largest sell-off this year occurred in March, with a drop of 8.4%.