Key Takeaways
- March 2024 shows a sharp rise in blockchain-related job postings.
- The trend indicates a positive correlation between Bitcoin prices and job market activity.
- Can the market activity be sustained considering Bitcoin is said to be in a bull run?
A surge in the value of Bitcoin has paralleled an upswing in job market activity within the blockchain industry. According to data by CryptoJobsList, March 2024 saw a notable upturn in both the number of blockchain-related job postings and applicants. With analysts bullish on Bitcoin’s price, can the job market sustain the growth?
Relationship Between Bitcoin and Blockchain Employment
CryptoJobsList data reveals crypto market strength, indicated by Bitcoin’s price, and the number of individuals seeking employment within the industry is a positive. The pattern extends beyond job seekers to the number of job postings by companies and the breadth of businesses looking to hire.
Bitcoin price started at the lowest level seen in the last 12 months in April 2023. Therefore, hiring and applicants saw a moderate start in April last year.
Based on the charts, job postings rose steeply in June, followed by fluctuations that broadly mimic the volatile BTC prices. However, March 2024 stands out with 5843 monthly applicants for 106 companies hiring for 482 job posts.
June 2023 saw the highest number of job postings until March 2024 with a 471 monthly figure. 139 web3 companies were hiring in June 2023, indicating a mid-year confidence in the market. March hasn’t been able to surpass the figure.
Job Seeker Confidence Linked to BTC Price
Before Bitcoin’s uptrend, the closing months of 2023 exhibited a decrease. October reached a low level in terms of applicants, suggesting a cautious market approach.
With March 2024 postings surpassing the heights of June 2023, the market seems to be expecting a Bitcoin price surge.
Notably, September 2023 was the worst month in terms of monthly posts and companies hiring. The recovery in the subsequent months reflects the industry’s sentiment and its readiness to expand the workforce based on market conditions.
The leap in applications in March 2024 suggests that job seeker confidence is also closely tied to Bitcoin’s performance. However, the drop in the number of companies hiring could be down to a reduction in the number of web3 players. Nevertheless, without additional data, we cannot say this with confidence.
Bitcoin saw significant gains over the past year. According to CoinGecko, Bitcoin gained around 135% in 12 months.
Can Job Market Sustain Activity in 2024?
The data suggests that the blockchain job market and Bitcoin’s price are positively correlated. High Bitcoin valuations lead to job seeker confidence while companies are ready to expand with more hiring.
Should Bitcoin’s price falter, it’s plausible to foresee a contraction in job market activity. For now, Bitcoin’s strong price action should maintain its momentum.
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