2018 has not been a great year for the crypto market. Ever since bitcoin peaked at $20000 dollars in December, the entire market turned bearish. Today, the crypto market capitalization rests a meagre $200 billion dollars, almost $650 below its all-time high.
Despite the dwindling crypto craze and falling prices, the Blockchain industry has remained unfazed. As per a report by glassdoor published on Oct 18, crypto and blockchain-related job opportunities have risen significantly in the US this year.
For the purpose of the analysis, glassdoor took a large sample of online U.S. job postings on the portal and performed a text search of Glassdoor’s real-time database for job postings that contained keywords related to the blockchain, Bitcoin and cryptocurrency.
As per the report, there were 1,775 unique blockchain-related job openings in the United States. Last year, this time, there were only 446 similar job openings, which indicates a 300 per cent year-over-year increase.
Despite the price volatility, the job growth indicates that blockchain employers are confident in the long-term and continue to make bets on the blockchain industry.
US financial and tech capitals, New York City and San Francisco lead the location-wise job demand with 24 percent and 21 percent of total job openings respectively. These are followed by San Jose (6 percent), Chicago (4 percent) and Seattle (4 percent). Together, these 5 cities constitute 59 percent of the job openings. Amongst international metros outside the US, London topped the chart with 189 blockchain-related job openings, followed by Singapore, Toronto and Hong Kong.
The most sought-after roles belonged to the technical and engineering domain. The software-engineer led the requirement demand, with 19% of the total job openings.
While the majority of demand was for technical roles, non-technical roles were in demand too in companies that were scaling up. According to the data, the analyst relations manager was the second-most common job posting (5 percent), followed by product manager (4 percent), risk analyst (3 percent) and marketing manager (2 percent).
ConsenSys and IBM leads job requirements list with 24 % of the job opening belong to them ( 12% each ). While its no secret that IBM has embraced the Blockchain curve with all its power, ConsenSys has 1000 employees on its payroll and looks to be wanting to grow rapidly. Other startups like Coinbase, Figure and Kraken are also looking to grow with dozens of openings each. One noticeable point was that major technology companies like Facebook, Google and Apple did not feature in the job openings.
To find estimate the median base pay, glassdoor used its “Know Your Worth” salary tool. As per the analysis, blockchain related jobs observed a median base salary of $84,884 per year for open jobs on Glassdoor, which is a staggering $32,423 (61.8 percent) over the U.S. median salary of $52,461 per year, according to Glassdoor’s August 2018 Local Pay Report.
The salaries ranged from $36,046 per year all the way up to $223,667 per year due to the diverse nature of jobs available. One of the reasons for the high salary is due to the location and nature of the jobs available. Cities like New York and San Francisco dominate the blockchain job market and employers are forced to pay high due to cost-of-living, and high demand of blockchain tech skills and low supply.
With the demand of blockchain-related job on the rise, there’s no arguing that the technology is here to stay. That being said, the technology is still somewhat in the nascent stages but there’s still millions and billions to be made, not just by investing in crypto but by investing in blockchain tech.