Cocoa has emerged as the top performer of the year, surpassing even Bitcoin, according to Bloomberg. While Bitcoin captured widespread attention, especially after crossing the long-awaited $100,000 mark in December, cocoa prices saw an even more remarkable surge.
Continue Exploring: No Ring, No Room: Unmarried Couples Face the Door at OYO Hotels
Cocoa Prices Have Skyrocketed
As of early 2024, cocoa prices have more than doubled, driven by a significant shortage in supply from West Africa, the world’s largest cocoa-producing region. Bloomberg cites exchange data to explain that this disruption in production has been a major factor in the price spike.
By early January, cocoa futures were trading at nearly $4,000 per tonne. Prices peaked in mid-December, hitting an astounding $12,700 per tonne, as reported by Trading Economics.
Continue Exploring: Funding Frenzy: 14 Startups Secure $33 Million in December-January Stretch
Bitcoin Gains Modest
In comparison, Bitcoin’s gains seem modest. The popular cryptocurrency, which remains the largest by market cap, saw an increase of around 128%. Bitcoin rose from just over $41,000 at the start of the year to a peak of $106,500 in December. Its rebound has been fueled by investor optimism surrounding potential crypto-friendly policies under the incoming Trump administration, according to MarketWatch.
