Cryptocurrency Industry Growth Unaffected By Bear Market of 2022: Explosive Growth in Ethereum, Bitcoin and Other Projects

Unprecedented Expansion: Cryptocurrency Industry Growth in the Bear Market of 2022

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2022 was a year in which we experienced a harsh bear market, which may have significantly affected cryptocurrency traders and investors, but not the developers who continued to create and grow the industry at an even faster pace.

The research conducted by Electric Capital has produced some interesting results, which clearly show us that the interest in the development of the cryptocurrency industry is very high and its potential for the future is great. Moreover, the stage is set for blockchains to increase their number of developers and thus their growth rates.

Active developers increased in 2022

Despite the more than 70% drop in cryptocurrency prices in 2022, the number of monthly active developers in the space increased by +5% compared to 2021, reaching 23,343.

2022 also saw the highest growth number in the history of the cryptocurrency industry, as more than 61,000 developers contributed code to the sector for the first time, an all-time record.

5x growth for Ethereum, 3x growth for Bitcoin

Ethereum saw a 5x increase in monthly active developers in 2022, rising from 1,084 in 2021 to 5,819. Bitcoin tripled its developers from 372 to 946.

Growth in emerging projects

Of all active monthly developers in 2022, the survey showed that 28% of them were working on bitcoin and Ethereum-related projects, while about 72% were working on other projects, demonstrating that there are new emerging ecosystems beyond the two most popular blockchains.

Solana, Polkadot, Cosmos and Polygon are among the fastest growing ecosystems in terms of monthly active developers. The networks, which previously had 200 developers, now host at least 1,000+ developers.

In addition, the non-exchangeable token (NFT) sector has 900+ developers writing code on a monthly basis across all chains, and is expected to grow 300% by 2021.

“Ethereum and almost all other cryptocurrency ecosystems are more susceptible to market cycles and price changes,” said Mari Shen, a partner at Electric Capital, adding: “Although the ecosystem of full-time developers hasn’t grown, I think bitcoin is actually very healthy. I don’t think it needs strong growth to sustain the bitcoin protocol.”

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