The number of developers rises and falls along with the bitcoin rate – the higher in value the first cryptocurrency, the more interest in the cryptocurrency industry and more projects. Therefore, over the past year, the number of developers has decreased by 22% – in June 2022 there were 27 200 developers. And most of all from the cryptocurrency industry left the “developers-beginners”, who worked for less than a year. That said, in November 2021, when bitcoin was worth $69,000, the number of developers was only slightly higher than it is now.
“Rookie developers usually enter the cryptocurrency industry during the rise of bitcoin, and during the cryptozyme leave projects, say the authors of Electric Capital research. Veterans remain in the ranks and now make up 60% of all developers.
“If we look at the analysis from 2015, we see: developers who join projects during a bearish trend are leaving faster. In 2023, newcomers were leaving faster than in 2022 or 2021, which is typical in declining markets,” the researchers write.
The global cryptocurrency industry now employs about 180,000 people, according to Electric Capital. We’re talking about everyone in the industry, not just developers.
Late last year, it was reported that the bearish trend in the market had significantly reduced the activity of cryptocurrency developers.