Software development has emerged as the most sought-after job posting by recruiters in the cryptocurrency and blockchain technology sector.
Data provided to Finbold by cryptocurrency trading simulator Crypto Parrot indicates that in 2021 as of July 16, software development had the highest share of 29.7% of all crypto and blockchain job postings. However, the posting has plunged 14.56% from the 34.8% share during a similar period last year.
Management jobs recorded the second-highest share in 2021 at 10%, representing a growth of 29.87% from 2020.
Crypto and blockchain technology jobs under human resource, marketing, and finance recorded the highest growth rate between July 16, 2020, and July 16, 2021, at 200%, 105.88%, and 100%, respectively.
The data also indicates that as of July 16, 2021, the share of crypto and blockchain job postings grew 118% compared to September 5, 2020.
The rising job posting in the sector aligns with the recent cryptocurrency market rally that emerged late last year. During the period, both Bitcoin and Ethereum surged in value, with investors gaining profits.
During the rally, most institutions opted to invest in assets like Bitcoin, driving the price higher. For businesses, the rally offered an opportunity to record increased revenue, hence hiring more specialists in the space.
Interestingly, the job posting for software development plunged compared to last year, considering that the crypto market corrected for a few months from May amid increased regulatory scrutiny.
Challenges facing crypto and blockchain recruiters
Although the job demand is on the rise, recruiters are potentially facing several challenges in getting the right talent. With the sector relatively new, the traditional education system lacks a uniform system for training in blockchain technology translating low supply of employees.
Additionally, most institutions have not introduced blockchain software development courses; hence, current developers are mainly self-taught.
With businesses still exploring the full potential of the blockchain sector, hiring might be impacted by factors like regulatory uncertainty. Additionally, the price volatility concerns might dictate the number of institutions venturing into the sector.