Looking Back At 2018: Key Highlights From The Market

The year 2018 has been a phenomenal year for blockchain. The technology grabbed eyeballs and hogged much of the limelight in the tech sector. Various companies, industries and even Governments explored the potential of this technology.

The demand for blockchain developers grew massively in the year 2018. A survey practiced on 200 fortune 500 companies revealed that 188 were not being able to find blockchain developers to execute their products and solutions. Only 12 of those companies reported being able to do so.

This clearly indicates that while there is a rising demand in the market for more blockchain developers, there aren’t enough of them to match the demand. This could possibly be due to the lack of proper training opportunities in the skills required to become blockchain developers. It also remains a relatively unconventional occupation at the moment.

As far as the predictions for the coming year go, it is expected that the global blockchain market size will grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023. This is a bold prediction and if it actually takes place, it will be an astronomical growth for the technology.

As far as cryptocurrencies are concerned, it has been somewhat of a bittersweet year for the digital currencies. While seeing an all time high in the beginning of the year, the bubble has since then burst and the values of the coins came tumbling down.

The global market for cryptocurrency was valued at US$574.3 mn in the year 2017 and is
expected to be worth US$6702.1 mn by the end of 2025. However, all things considered, this assumption might be slightly premature. Considering the sudden bearish outbreak in the market that took place in the past year, it is difficult to predict whether or not cryptocurrencies will be able to return to their erstwhile glory.

However, the future looks bright for both blockchain, and iits use cases, cyptocurrencies being one of them.