the "correction" that you are waiting for has been happening all along. it is never going to be a sharp vertical red line to the depth of abyss
instead it will be a rather fast drop at first when the bubbles burst then it will be a slow drop down to the normal prices as the bubbles continue to let out air, in other words as people sell and cash out and newbie-bag-holders give up on their dreams of becoming rich after buying on top.

also remember that market cap is always growing in the background as new coins (for existing coins) are mined and also new coins are created. it is an endless growth of supply!