Bitcoin may have grabbed the headlines with its price rise this year, but cocoa has outperformed the cryptocurrency with its performance in commodity markets.
The price of cocoa beans rose 167 percent in 2024, surpassing Bitcoin’s rise of 117 percent last year.
Cocoa ended the year at $11,425 a ton, below the all-time intraday high of $12,931 on December 18.
It came as dry weather in West Africa, a key cocoa-producing region, will affect bean crops.
Price surge: Cocoa is up 167% this year, outpacing bitcoin’s 117% rise
Ghana and Ivory Coast, which are among the world’s top exporters, have also been battling a disease affecting crops and smuggling.
The increase is bad news for chocolate lovers, who will likely see further price increases. Bitcoin ended the year around $95,000, with most of its gains driven by Donald Trump’s victory in the US election.
Trump and his allies, including pro-cryptocurrency billionaire Elon Musk, are expected to be more favorable to the sector than his predecessor Joe Biden, leading more people to buy Bitcoin.
The rally peaked in mid-December, when Bitcoin hit a record high of nearly $107,000 before retreating slightly.