Bitcoin may have grabbed the headlines with its price surge this year, but cocoa has beaten the cryptocurrency with its performance on commodities markets.
The price of cocoa beans surged by 167 per cent in 2024, beating Bitcoin’s increase of 117 per cent last year.
Cocoa ended the year at $11,425 a ton, down on the all-time intraday high of $12,931 on December 18.
It came as dry weather in West Africa, a key cocoa-producing region, is set to hit bean harvests.
Surging price: Cocoa is up 167% this year – beating bitcoin’s rise of 117%
Ghana and the Ivory Coast, which are among the world’s top exporters, have also been struggling with a disease afflicting crops as well as smuggling.
The surge is bad news for chocolate lovers, who are likely to see further price rises. Bitcoin ended the year around $95,000, with most of its gains fuelled by the victory of Donald Trump in the US election.
Trump and his allies, including pro-crypto billionaire Elon Musk, are expected to be more favourable 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 dropping back slightly