The current market situation where crypto market has lost about $700 billion in market cap since its peak is not affecting the growth Dapp development and jobs are seeing in this industry.
Crypto Market Growth Undeterred by Price Crash
2018 has been a year of no action to deep red on crypto streets when it comes to price. Currently, cryptocurrencies are down 80 to 90 percent from their all time highs (ATH). The overall crypto market cap has fallen to $125 billion from the high of $820 billion resulting in the loss of about $700 billion from the market this year.
However, this doesn’t mean Bitcoin or crypto market is getting dropped into oblivion. Prices might be tanking but development in the crypto sector is steadily growing.
Crypto enthusiast, Kevin Rooke who continually shares updates on developments going on in the crypto market recently Tweeted about the growth in Bitcoin job openings and monthly Dapp development indicating that “Crypto is alive and well.”
Sharing the data on the Dapp development in the crypto market he says, “Monthly dApp development is up 182% since December 2017.”
Decentralized Applications (Dapp) are gaining a serious traction as can be seen in the graph above. While last year has been about Initial Coin Offerings (ICOs), this year saw the development of dapps.
Ethereum blockchain, the ever popular ICO platform is also used for building Dapps. However, Tron and EOS are already beating 3rd largest cryptocurrency. Amongst the top 3 dapps, EOS has over 12k Dapps users on its blockchain while Tron is steadily moving forward with more than 2,500 users in comparison to Ethereum’s 2,100 approximately as shared by Rooke recently.
Moreover, apart from the development of Dapp, the bear market has no effect on the jobs in this industry.
As pointed out by Mati Greenspan, the senior analyst at eToro as well,
“The Crypto industry is booming!! Despite the bear market and despite regulatory uncertainty startups are hiring at a rapid pace.
A GlassDoor study shows the incredible surge in bitcoin and blockchain related jobs in the United States.”
Greenspan further shared that just like investors the current price situation would affect various aspects of the market as “Miners, dev teams and a bunch of ICOs will go bust but the industry as a whole is growing strong.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.