13 months have resulted in a nearly 80% correction in the crypto markets. Despite 2018 not having the same success, blockchain developers are clearly not affected. Most of them are making between $140 000 and $180 000 a year.
Of course with the huge amount of volatility in the sector, it’s impossible to have concrete data. Rising salaries do not necessarily reflect a steady increase of developer activity. This is completely natural since the last two years have quite literally, been a wild ride. The height of the bull market saw a lot of professionals and companies flock to the sector.
Blockchain developers are by far not the only valued experts in the crypto world
Many traders left their positions in major banks and moved over to major crypto exchanges. The majority of them even took huge pay cuts, but were willing to take the risk. For professional traders, the risk, opportunity and excitement to work in a rapidly growing industry is priceless.
Contrary to popular belief, this trend did not decrease in 2018. Despite the prolonged bear market, experts still continued to flood to the crypto sector. Traders, developers, executives all kept leaving stable and reliable jobs at traditional financial institutions.
“I believe that developers being paid over $15 000 a month is due to personnel shortage. Highly skilled and experienced developers are incredibly hard to find and here in Switzerland, the living standard is one of the most expensive on Earth.”
Despite the mass frock of professionals from the traditional institutions, there is still a growing need of experts. ICOs, VC firms, startups and crypto exchanges are all outbidding themselves to bring in qualified and experienced blockchain developers.
ICOs are usually not very attractive to blockchain developers. Not only because of their reputation, but because of they are generally viewed as short-term opportunities. This is why despite the high salary offers, most developers find it difficult to associate themselves with ICOs.
In the last 30 to 40 days, a lot of layoffs were announced by many companies. Despite that, the companies, which laid off nearly 70% of their staff, are still looking and willing to pay extremely good money for experienced blockchain developers.
Entry-level developer in leading markets for software development are already making over $180 000 a year. This leads many experts to believe that despite the prolonged bear market and rough market conditions, the salaries will continue to rise.
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