The cryptocurrency market has definitely seen better days. The market capitalization of the entire market fell off to around $107 billion, when a year ago, Bitcoin was hitting the $20,000 mark and the entire market cap was somewhere in the $550-$600 billion range.
The fall in prices has not only erased the smiles of many investors and crypto enthusiasts, but it has also affected the employment and retention rates in the entire crypto industry.
The Wall Street Journal reported that, overall, cryptocurrency companies are cutting down their headcount to survive the recent price “bloodbath”. For example, one company named Steemit, which manages a social network based entirely on blockchain, has laid off some 70% of its entire workforce.
Singapore was “the place” to be if you want a cryptocurrency-related job. Even universities around the world, including New York University, introduced specially designed blockchain and/or cryptocurrency courses to better meet the technology needs of the current time and the expectations of aspiring students.
In addition to the fall in prices of major alt coins, ICOs’ survival rates are contributing to the low employment rate and retention at small and medium sized crypto companies. Most of the ICOs created in 2017 are essentially non-existent in December 2018, even though many raised large amounts of money for the foreseeable future. Some 70% of all ICOs have failed.
The Wall Street Journal report points out the recent statistics on cryptocurrency job searches:
Job seekers appear to be losing interest in the business. The number of searches on Indeed.com for jobs related to blockchain or cryptocurrency fell 3% in the 12 months through October. A year earlier, there was a 482% increase. The number of employers listing blockchain-related jobs is still rising, but at a much lower rate.