Even though Bitcoin managed to record impressive gains in 2024, it is not the best-performing commodity of the year.
According to data provided by MarketWatch, cocoa is up by a whopping 185% this year.
Cocoa prices have exploded due to significant supply shortages due to declining West African yields.
The vast majority of the world's cocoa is produced by Ghana, Cameroon, and several other African countries. This year, there has been a significant drop in production due to the double-whammy of negative climate factors and the lack of support for local cocoa farming communities. Moreover, the devastating cacao swollen shoot virus disease (CSSVD) has also damaged a significat portion of harvests.
After paring some gains recorded earlier this year, cocoa prices soared once again in the fourth quarter while supply fears continue to persist. Last week, coca prices surpassed $12,000 a ton, hitting yet another all-time high.
For comparison, Bitcoin is up by 126.05% on the year-to-date basis, currently trading at $95,200.
Some of the other top-gaining commodities include orange juice and natural gas. They have rallied by 73% and 43%, respectively.
