A market correction for any type of market (real estate, stocks, crypto etc.) is when that market declines by more than 10% (but less than 20%) from its most recent peak. It's called a correction because historically the drop often "corrects" and returns prices to their longer-term trend.
The rule of thumb regarding market corrections is that you won't know it's a market correction until it's officially over and things start being on the rise again.
A market correction is by definition a drop of less than 20%. Between the time when the market enters the "correction territory" of a more-than-10% decline and when it stops falling, you won't know if it's "just" a correction, or a more serious market crash, which is usually defined as a rapid market drop of more than 20%.
Or, potentially, the market correction could also become a bear market, defined as a prolonged period of market decline of more than 20%.
See also: Bear market
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