This edible commodity rose in price by 167% in 2024… beating Bitcoin
Bitcoin may have made headlines with its price rise this year, but cacao has beaten the cryptocurrency with its performance in the commodity markets.
The price of cocoa beans rose 167 percent in 2024, surpassing Bitcoin’s 117 percent increase last year.
Cocoa ended the year at $11,425 per tonne, down from the all-time intraday high of $12,931 on December 18.
It came as dry weather in West Africa, a major cocoa-producing region, was set to hurt the bean crop.
Rising Price: Cocoa is up 167% this year, surpassing Bitcoin’s 117% rise
Ghana and Ivory Coast, which are among the world’s top exporters, also struggle with crop-ravaging disease and smuggling.
The increase is bad news for chocolate lovers, who are likely to see further price increases. Bitcoin ended the year around $95,000, with most of its gains fueled by Donald Trump’s victory in the US elections.
Trump and his allies, including pro-crypto billionaire Elon Musk, are expected to take a more favorable view of the sector than his predecessor Joe Biden, leading more people to buy Bitcoin.
The rally peaked in mid-December when Bitcoin hit an all-time high of nearly $107,000 before falling back slightly.