The cryptocurrency market has been growing at a rapid rate. As of Tuesday, The overall market capitalization of cryptocurrencies was just under $148 billion — a slight decline from the Sept. 2 record-high of about $180 billion, according to data from Coinmarketcap. Bitcoin is currently the most popular cryptocurrency, rising above $5,000/BTC for the first time on Saturday. However, the Bitcoin price fell after China’s regulators announced that they’ve banned initial coin offerings.
Besides Bitcoin, it’s been a great year overall for cryptocurrencies. Ethereum, — the second largest cryptocurrency by market capitalization — has jumped over 3,500% year-to-date. With geopolitical uncertainty on the horizon, including recent developments in North Korea and Venezuela, it’s no wonder these cryptocurrencies are seeing increased demand.
Lesser-known HempCoin has also been rising lately because of how underserved the marijuana industry is in terms of payment processing. Up over 2,000% since February, this cryptocurrency has been gaining traction. As a result of marijuana’s federal illegality, most dispensaries are conducting all-cash transactions. This cash-only environment creates significant challenges in accounting, cash management storage, and safety.
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